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Exemption on reinvesting in a new house

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 December 2012 Hi
I sold my house and thereafter constructed a new house. for getting exemption u/s 54
can i use the sale proceed of old house amount to repay a loan taken against LIC policy. Will that be considered as investment in new house as the loan against policy was taken for construction of new house.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 December 2012 If the construction of the house was completed AFTER the sale of the old house, then you are eligible for exemption.
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