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capital gains

This query is : Resolved 
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(Querist)
17 May 2010 Sir,I want to know that whether the exemption under section 54 is availed if I had purchased the residential house within prescribed time limit but on loan and not using the capital gain on sale of my previous house?
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CMA RV Padmakumar.A

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CMA RV Padmakumar.A (Expert)
17 May 2010 purchase/construction of new house need to be from the proceeds of sale....but no compulsory nexus or live link between Sale proceeds and cost of new asset
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Kishen K Warrier

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Kishen K Warrier (Expert)
18 May 2010 Agree.You can still claim Deduction u/s 54.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 May 2010 Reinvestment can be from borrowed funds to claim deduction under section 54.
Citation:- ACIT Vs Dr. P.S.Pasricha (2008) 20 SOT 468 (Mum-Tri).
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
24 May 2010 You can still claim Deduction u/s 54
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