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'.
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