https://www.taxtmi.com/forum/issue?id=3522 Whether exemption under section 54 is available where the replacement residential house is purchased with borrowed funds while sale proceeds have been used for other purposes. Authorities conflict: one line requires that sale proceeds (or equivalent funds) remain available for the purchase and denies exemption if the property is bought out of a loan after appropriation of proceeds; another line holds the source of funds is irrelevant so long as the residential house is acquired within the prescribed period and statutory ownership conditions are met. en-us Thu, 27 Oct 2011 17:06:09 +0530 Thu, 23 Jan 2025 15:58:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=3522 Whether exemption under section 54 is available where the replacement residential house is purchased with borrowed funds while sale proceeds have been used for other purposes. Authorities conflict: one line requires that sale proceeds (or equivalent funds) remain available for the purchase and denies exemption if the property is bought out of a loan after appropriation of proceeds; another line holds the source of funds is irrelevant so long as the residential house is acquired within the prescribed period and statutory ownership conditions are met. Discussion-Forum Income Tax Thu, 27 Oct 2011 17:06:09 +0530 https://www.taxtmi.com/forum/issue?id=3522