Sale of land

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?
Replies (2)
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.

No in that case No exemption will be available under section 54
No benefit under section 54

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