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Part of amount only used to purchase new house from capital gain amount

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(Querist)
15 December 2022 Mr X sold his house for 40 lakhs
after indexation (long term) he got 26 lakhs as capital gain
he wants to invest in new house
New house value 60 lakhs
bank agreed to give loan 48 lakhs and he will use 12 lakhs from capital gain amount

is he now eligible for Section 54 deduction in capital gain because he is using 12 lakhs only out of his gain 26 lakhs???
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
15 December 2022 He can claim full amount of capital gain as deduction u/s. 54 of the act, as he has invested 60 lakhs in purchase of new house property. It doesn't matter he utilized bank loan for that.
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YELLANKI RATHNAGIRI

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YELLANKI RATHNAGIRI (Querist)
15 December 2022 Thank You Sir for your valuable reply
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
15 December 2022 MOST WELCOME ..
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