Exemption on reinvesting in a new house
This query is : Resolved
Querist : Anonymous
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.
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.
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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