27 October 2015
I have availed exemption u/s 54 f on 5/4/13 and invested in residential plot on 5/4/13 now to comply the provision 54f i have to complete house before 4/4/16 my question is to construct house on above acquired plot 1)can i sell only one anther old house (no house other then this is in my name) and also claim exemption u/s 54 by investing in construction house. 2) i can arrange bank loan for construction house. please advise if any taxation hard ell in both the cases can both sale of house and bank loan be taken to complete house sandeep kumar
27 October 2015
1 You can sell another old house and claim exemption u/s 54 along with 54F for the same house. 2 Both sale of house and bank loan be taken to complete the house.