Sale of land

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1 Points Posted on 02 April 2021
If a individual sells his plot and the amount received from the plot is deposited into loan account of other mortgage property will Section 54 exemption be available?
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On 02 April 2021 at 09:34 Report
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Quick Summary
This discussion clarifies whether selling a plot of land and using the proceeds to pay off a mortgage on another property qualifies for tax exemption under Section 54. The consensus is that this specific scenario does not allow for Section 54 exemption. Therefore, no tax benefit will be available in this case.

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Chartered Accountant
24588 Points Posted on 02 April 2021
No in that case No exemption will be available under section 54
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On 02 April 2021 at 10:07
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17269 Points Posted on 02 April 2021
No benefit under section 54
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On 02 April 2021 at 14:27

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