Sale of residences House Long term capital gain arise.
For deduction u/s 54 purchase new residence house by borrowed fund only than deduction allow?
DEDUCTION ALLOWABLE EVEN IF BORROWED FUNDS ARE USED
CA MANOJ GUPTA
JODHPUR
09828510543
I sold my capital asset on 19.06.2014 and deposited full Long term
capital gain amount in CGAS account with designated bank before due
date u/s 139(1) and after 2 years from date of transfer i.e. now in
3rd year, can I purchase land and construct house to avail exemption
u/s 54F.
Yes, why not ....you can purchase the land and start constructing house. However, within 3 years entire amount is to be spent though the house could not be constructed.