Section 54 exemption
This query is : Open
11 February 2016
Dear Experts
If a person takes a loan for purchase of a new residential house property, and subsequently repays the loan from the proceeds of the sale of old residential house property will Section 54 be valid as there is an application of sale proceeds of old residential house property towards purchase of a new house property assuming all other conditions are satisfied.
Please help
12 February 2016
Eligible for exemption u/s 54. CIT Vs. H.K.Kapoor (1998) 234 ITR 753 can be referred to wherein the Allahabad court said ' cost of purchase of house property need not flow from the sale proceeds of the old property'.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
