Section 54 of incometax act 1961
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2011
my assessee purchased residential house property in 1998 @ Rs. 13,00,000. now he sold such a property in 2008 @ Rs. 32 lacs and he purchased nwe residential house property of Rs. 36 Lacs for that he availed loan from bank of Rs.26 Lacs. now can he claim deduction u/s 54 against gain though he invest only 10 lacs by his own and 26 lacs from bank as a loan
Aditya Maheshwari
(Expert)
31 December 2011
see this link
https://itatonline.org/archives/index.php/cit-vs-dr-p-s-pasricha-bombay-high-court/
CIT vs. Dr. P. S. Pasricha (Bombay High Court)
S. 54 relief allowable even if new house purchased from borrowed funds
https://itatonline.org/archives/index.php/cit-vs-dr-p-s-pasricha-bombay-high-court/
CIT vs. Dr. P. S. Pasricha (Bombay High Court)
S. 54 relief allowable even if new house purchased from borrowed funds
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