Capital gains on sale of flat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2014
Property 1 to be sold in October 2014
Property 2 purchased in May 2014
LTCG on sale of Property 1:75 lakhs
Property 2 purchased thru:
20 lakhs self funds & 80 lakhs Home Loan
Proceeds of sale used for pre-payment of home loan. Whether exemption u/s 54 still available on LTCG
Property 2 purchased in May 2014
LTCG on sale of Property 1:75 lakhs
Property 2 purchased thru:
20 lakhs self funds & 80 lakhs Home Loan
Proceeds of sale used for pre-payment of home loan. Whether exemption u/s 54 still available on LTCG
11 July 2014
YES , DEDUCTION IS AVIALABLE U/S 54. THE SECTION DOES NOT SPECIFY THAT SORCE OF FUNDS FOR PURCHASE SHOULD BE OUT OF SALE PROCEEDS. MOREOVER WHEN SECTION ALLOWS DEDUCTION FOR HOUSE PROPERTY PURCHASE BEFORE ONE YEAR ,HENCE SOURCE OF PURCHASE CAN BE DIFFERENT FROM SALE PROCEEDS
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- Minimum tax payable to file Updated return
- TDS on TRUST
- CHECK RELATED
- Salary from Qatar in Dollars in India
- Regarding Applicability of Tax Audit u/s 44AB
- GST ISSUE OF INPUT AND OUTPUT GST
- Tax rate change regarding
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
