Dear all,
One of My Client Purchase a property on JUly 2008 by taking loan & In Sep 2008 He Get A long term Capital Gains amount and same he clear the loan amount and he claim the Exemption U/s 54.
Relating to above plz provide any case law.
Thanks & Regards
Manjunath R S
in my opinion you don't require a case law to justify yourself.
the section never mentions that the same amount recd as consideration has to be invested. the section talks only about the nature of investment and not how to invest.
CAclubindia
