capital gain in case of sale of house property
This query is : Resolved
02 August 2010
If a person has purchased one house (A)property on loan and has sold another house (B) in the same year whether capital gain arises on sale of another house (B). Whether he can use proceeds of house (B) for the repayment of loan taken for the house (A) to claim exemption u/s. 54.
Thanks
Thanks
02 August 2010
Yes, it would be available.
There is no restriction in Section 54 that initially the new house purchased should not be acquired from loan proceeds.
I hope your doubt is clear.
There is no restriction in Section 54 that initially the new house purchased should not be acquired from loan proceeds.
I hope your doubt is clear.
02 August 2010
ya capital gain arises on the sale of house property B
and if house property A is purchased (not constructed) within one year before the sale of house property B.
and if it is constructed construction should ve been completed after the sale of house property. commencement of construction is of no use
and if house property A is purchased (not constructed) within one year before the sale of house property B.
and if it is constructed construction should ve been completed after the sale of house property. commencement of construction is of no use
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