An assessee wants to take a bank loan and purchase a residential property. Later on, that is, within a period of one year, the assessee sells another residential property and remits the sales consideration to the credit of the bank loan and closes the loan account. Then, will he be eligible for exemption under section 54
? Will it come under the condition " purchase of residential property within one year before " ?
I think Sec 54B deals with Capital Gain on transfer of Land used for agricultural purposes!!
Dear Gayathri,
Yes, Assessee will be eligible for exemption under section 54 of income tax act as it comes under the condition of purchasing of residential property before one year from transfer of another property.
Regds
yes assessee will be eligible for exemption provided new residental property not transfered with in a period of 3 year from the date of its acquistion
yes he is currect that he is eligible for this
yes he is currect that he is eligible for this
If the assessee has bought a new house one year before the sale of property or two years after sale [three years in case of construction of new property he is eligible for Sec 54 exemption
for getting exemption in respect of residential house property transaction relating to loan are not required to be considered, only acquisition and sale of residential house are required to be considered. Hence I agree with lukesh...................
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