Repayment of loan eligible for exemption u/s 54

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CA Final
444 Points Posted on 02 August 2014

Dear Experts

One of our client Mr. X has purchased a house property from Mr. Y one year ago. Mr. X paid the consideration by taking a loan from a ICICI Bank. Just one month ago Mr. X has sold another house property owned by him. If Mr. X uses the money of capital gains to repay the loan taken from ICICI Bank, will he be eligible for the exemption u/s 54?

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On 02 August 2014 at 12:26 Report
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Student as well as Self-employed
3853 Points Posted on 02 August 2014
according to me, it should be allowed under 54. because current period capital gain can never be practically utilised in purchase of property in past. so i think that repayment of loan of property puchased a year ago should qualify for exemption under 54. ...... other views are also welcome.
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On 02 August 2014 at 13:24

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