Good Morning
Please Give your views regarding this case problem
Mr. A has sold his COMMERCIAL PROPERTY in April for Rs. 50 lacs to two individuals (Rs. 25 Lacs each)....Buyers got this property registered(registry) in April & October respectively....Mr. A invested rs. 50 lacs in buying a RESIDENTIAL HOUSE PROPERTY....for this purpose he took a loan of Rs. 25 Lacs from bank (as second buyer will pay in October)....So please suggest is exemption under section 54F is available & for what amount....Does loan taken for the purpose of making investment make any difference for eligibility to claim exemption or not???
CAclubindia
