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DEDUCTION U/S 54

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29 March 2010 CAPITAL GAIN FROM HOSUE IS RS.20.00 LAC.
ASSESSEE PURCHASES NEW HOUSE COSTING RS. 35.00 BY TAKING 25.00 LACS HOSUING LOAN FROM BANK WITHIN THE TIME LIMIT.WHETHER HE CAN CLAIM EXEMPTION OF FULL CAPITAL GAIN RS. 20.00 LACS AND WHETHER HE CAN CLAIM DECUCTION 80C & U/S 24(I) INTEREST ON HOSUING LOAN.PLEASE CLEARIFY THE MATTER.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 March 2010 Can claim section 54 based on the Bombay High Court decision in the case of CIT Vs Dr. P.S. Pasricha.

Deduction u/s 24(b) and 80C also can be claimed.
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