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Sec 54 Exemption in capital Gain

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(Querist)
16 September 2010 Hi,
we have case in Which my client has sold of His LTCA being Residential House generating LTCG of RS 12,00,000 /- and purchased another Residential within 2 years of the sale costing Rs 17,00,000 /-. But he has purchased this House by taking a loan Rs 12,00,000 /- from Bank and Rs 5,00,000 /- from His own fund.
Now the Question is how much exemption ( Other Conditions being satisfied) will be available that is Rs 12,00,000 (limited to the amount of Capital gain) or Rs. 5,00,000 /- ( i.e amount from his own pocket.)
The section is silent about the Amount of exemption if house is taken on loan.
Please advise me about that.
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CA. Aryendra

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CA. Aryendra (Expert)
16 September 2010 U/s S.54 The source of funds for the purchase was irrelevant.


Full exemption will be allowed

CIT vs. Dr. P. S. Pasricha (Bombay High Court)
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