Gain from property
Mahesh Sarda (76 Points)
04 September 2021plz guide
Mahesh Sarda (76 Points)
04 September 2021
Kiran Hathalia
(831 Points)
Replied 04 September 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 04 September 2021
No dear,
If the other conditions of the sec . 54F are satisfied, source of fund (here bank loan) would not negate the deduction that he can avail.
Kiran Hathalia
(831 Points)
Replied 04 September 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 04 September 2021
There are many judgements supporting the view.... one of which I state here under....
In Milan Sharad Ruparel vs ACIT [TS-5735-ITAT-2008(MUMBAI)-O], the Mumbai ITAT noted that:
“The law does not expect that the sale amount should be kept in the locker and the same should be utilized in purchase of residential house. Neither the law nor does any circular require the identity of the amount received on sale and utilization for purpose of s. 54F and other relevant provisions. Since money has no colour, all that is required is compliance with the condition of investment within the specified time”
ally circle
(4 Points)
Replied 04 September 2021
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