Exemption u/s 54 and interest on borrowed capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2014 Case :-
An Assessee owns a Self Occupied House Property (SOHP). He sells this house for Long Term Capital Gain of Rs. 20 lakhs. He purchases a new SOHP for Rs. 25 lakhs within one year of such sale.
He finances the entire purchase amount of new SOHP from a Bank Loan.
Query :-
Will he get an exemption u/s 54 ?
And, will he Also get Deduction on Interest on Amount Borrowed for purchase of new SOHP ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 March 2014 With regards to section 54, please refer https://www.caclubindia.com/experts/details.asp?mod_id=1649254#792306

this discussion covers both the views. My view is that it is allowed.

with regards to section 24(b) for interest deduction, be assured that it has to be allowed.

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