Capital gains

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Dhiraj Harish Gadiyani (Querist)
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13 December 2011 Repayment of Housing Loan whether allowed as application of net sale consideration for the purpose of section 54 F
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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 December 2011 Exemption under Section 54F is available if the assessee has purchased or constructed a residential house property.

Payment of housing loan cannot be said to be invested in residential house property

Dhiraj Harish Gadiyani

Dhiraj Harish Gadiyani (Querist)
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13 December 2011 Sir can you give me any case law on this issue

anurag

anurag (Expert)
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13 December 2011 The only condition is that the assessee should purchase/build new house. it is nowhere mentioned that the same funds should be use.
Hence in my opinion assessee can take loan purchase a house and claim the benefit of sec 54F.
supporting case laws-
ishar singh chawala v. cit mum
muneer khan v. ito hyd.

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