Section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2013
Sir,
An assessee sold a house property and purchase a new house property on loan (housing loan), my query is weather such capital gain is exempt under section 54 or not because he has take loan on new house property.
An assessee sold a house property and purchase a new house property on loan (housing loan), my query is weather such capital gain is exempt under section 54 or not because he has take loan on new house property.
26 February 2013
Yes, exemption can be claimed.
Citation :- CIT vs. K. C. Gopalan, 162 CTR 566 wherein, Kerala High Court ,in principle ,held that in order to get benefit of section 54, there was no condition that the assessee should utilise the sale consideration itself for the purpose of acquisition of new property.
Citation :- CIT vs. K. C. Gopalan, 162 CTR 566 wherein, Kerala High Court ,in principle ,held that in order to get benefit of section 54, there was no condition that the assessee should utilise the sale consideration itself for the purpose of acquisition of new property.
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