Investment in Residential house by Taking Housing Loan

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A client purchased a flat for Rs 38 Lakhs using a Rs 30 Lakhs housing loan. Subsequently, they sold a commercial property for Rs 75 Lakhs. The query is whether the flat purchase qualifies for a Section 54F deduction and if the eligible amount is Rs 8 Lakhs or the full Rs 38 Lakhs, considering the sale proceeds.

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(Querist)
06 December 2022 Sir one of our client has purchased a Flat for Rs 38 Lacs by taking loan of Rs 30 Lacs on 05/08/2022. He has sold commercial property on 01/12/2022 for Rs 75 Lacs, He has only one house in his name at present . my query is :
Will the purchase of Flat be allowed as deduction U/s 54F will it be Rs 8 Lacs or Rs 38 Lacs.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 December 2022 Rs. 38 lakh exemption eligible out of total sale proceeds of Rs. 75 lakhs.
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VIPIN GUPTA

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VIPIN GUPTA (Querist)
06 December 2022 Thanks for your quick reply
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 December 2022 You are welcome ..
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