Section 54 deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 For availing benefit u/s 54 of IT Act, can we make payment against personal loan taken for payment of Stamp Duty?

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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25 September 2011
No,

For availing Deduction U/s 54, you have to make payment to acquire or construct new house property within tenure specified under Sec 54. The said exemption available only if the said property acquire from the money got from selling of old house property and said proof needs to be submitted to AO on demand at the time of Assessment.

Regards,

Nishad

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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25 September 2011 Agree With Expert.
There is No Question of Personal Loan Arise in Sec 54

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 September 2011 I agree with the experts and no additional view is required

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