i have two residential house properties. sold two house properties and gain profit. Purchase one big residential house property and give advance for that property. now my query is how much deduction claim
can i set off advances amount from two house property profit or one and which section it is. please tall me.
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Deduction amount
Replies (2)
Under section 54 , deductions are available.
Advance payment for new big property can not be set off against gain from old two properties.
There has to be duly executed purchase agreement in your name. and that is recognised for section 54.
Advance payment for new big property can not be set off against gain from old two properties.
There has to be duly executed purchase agreement in your name. and that is recognised for section 54.
Thankyou sir for the answer
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