Hello,
my uncle is selling a residential property, since he already have more than 2 residential properties other than self occupied and there is income from these properties, he cannot get deduction under sec 54 by re investing the proceed in another residential property.
can he deposit the sale proceed amount on NHAI bonds, what is the locking period for withdrawal.
and is it possible for him to purchase another residential property by taking loan and claim deduction u/s 24 on income from house property
and in future can loan can be preclosed on maturity of above deposits
Please guide
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section 54ec
Replies (4)
yes he can deposit in NHAI bonds upto maximum 50lacs. Lock-in period is 3 yeas from date of deposit.
Yearly interest @ 6% fixed is payable on 31tt March every year and taxable.
yes he an claim deduction under section 24 and claim interest. restriction is only for taking exemption under sec54
Yearly interest @ 6% fixed is payable on 31tt March every year and taxable.
yes he an claim deduction under section 24 and claim interest. restriction is only for taking exemption under sec54
you can deposit in long term specified bonds to claim deduction under 54EC. the lock in period for the same is 5 years (w. e. f 01/04/2019). the capital gains amounts can be invested in new residential property too, to claim deduction under section 54
thank you very much
thank you so much
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