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Section 54

This query is : Resolved 
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(Querist)
18 September 2012 IF THE HOUSE (B)IS PURCHASED FOR RS. 65,00,000 WITH HOUSING LOAN OF RS. 25,00,000 WITH IN ONE YEAR BEFORE THE SALE OF ANOTHER HOUSE (A).

WHETHER 65,00,000 IS ELIGIBLE FOR SECTION 54 OR ONLY 40,00,000 IS ELIGIBLE (COST LESS BANK LOAN)
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
18 September 2012 6500000 will be allowed for the purpose of sec 54.

Assessee needn't adjust the bank loan for consdering the investment in a house property u/s 54
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