Is repayment of housing loan allowable u/s 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2014
I HAVE SOLD A LAND AND GENERATED LTCG FROM IT. CAN I REPAY THE SALE PROCEED TO BANK FROM WHOM I TOOK HOUSING LOAN AND CLAIM EXEMPTION FROM LTCG, INSTEAD OF PURCHASING NEW HOUSE PROPERTY.
01 January 2014
No in my opinion it is not permissible as per the conditions stipulated by section 54 of the Income Tax Act 1961.
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