sec 54 and home loan
This query is : Resolved
25 October 2009
Dear Collegues,
A has sold residence and LTCS is Rs.20 lacs.But he has used money for others purposes.Later on within prescribed time he bought new residence with Rs.10 lacs owned fund and Rs.30 lacs home loan.
whta will be his exemption u/s 54?
regards
c.a.paresh zatakia
A has sold residence and LTCS is Rs.20 lacs.But he has used money for others purposes.Later on within prescribed time he bought new residence with Rs.10 lacs owned fund and Rs.30 lacs home loan.
whta will be his exemption u/s 54?
regards
c.a.paresh zatakia
25 October 2009
Bomaby High Court in CIT vs Dr.P.S.Pasricha decided that for claiming benefit under s. 54(1), law does not make it mandatory that the assessee must use the same funds as received from sale. The source of funds is not relevant.
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