Regarding section 54F
This query is : Resolved
24 July 2010
Whether interest paid on loan to construct the new house can be considered as expenses for computing exemption u/s 54. If yes please tell me where it is written and if there case laws please give me the names of case laws?
25 July 2010
Exemption U/s 54F is available to Individual and HUF assessees if the net sales consideration received by them from sale of a long term capital asset is invested in a residential house. Construction of the new house with borrowed funds is not intended by the legislature. It requires the investment
up to the amount of Net Sales Consideration for exempting the capital gains. As such, in my opinion, the cost incurred towards interest would not be added in ascertaining
the amount invested in the new Residential House.
up to the amount of Net Sales Consideration for exempting the capital gains. As such, in my opinion, the cost incurred towards interest would not be added in ascertaining
the amount invested in the new Residential House.
02 August 2010
Dear Anil Batheja
The Interest paid for constructing the new house cannot be cliamed u/s 54
The Interest paid for constructing the new house cannot be cliamed u/s 54
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
