Sec.54f

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shwetha (Querist)
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24 September 2014 If I Sell a plot of land for 1.5 crores and I bought a new house for 2 crores within 2 months but house purchased by bank loan.bank given loan of 1.5 crores for purchasing new house, I paid remaining 50 lakhs from sale of plot.later I repaid the bank loan from the realisation of sale of plot.So now the question is can I claim exemption Under Section 54F for capital gains even house bought by bank loan.My doubt is law no where spoken about bank loan.So am I eligible for Exemption..??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 you get the exemption. various case laws have allowed the exemption on the grounds that only condition is to invest within a particular time limit...there is no condition about the application of the consideration received.

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