payment for payment of housing loan amt.
This query is : Resolved
13 July 2010
Dear experts
income from property sale is used for payment of housing loan (for other property loan)with intrest. Is the principle amt. is consider as a tax benfit for this transaction?
Request you to give best guideline to all experts.
Thanks
Sandeep
income from property sale is used for payment of housing loan (for other property loan)with intrest. Is the principle amt. is consider as a tax benfit for this transaction?
Request you to give best guideline to all experts.
Thanks
Sandeep
13 July 2010
Hi sandeep
As per section 54 LTCG arising from transfer of residential house property is exempt when one has purchased residential house property with in a period of 1 year before the date of transfer...so in ur case if the house property for which ur paying principle is purchased with in the time specified in sec 54...Then definitely amt u paid as repayment of debt is eligible for deduction...
As per section 54 LTCG arising from transfer of residential house property is exempt when one has purchased residential house property with in a period of 1 year before the date of transfer...so in ur case if the house property for which ur paying principle is purchased with in the time specified in sec 54...Then definitely amt u paid as repayment of debt is eligible for deduction...
Message likes :
1 times
13 July 2010
AGREED WITH EXPERTS.
Under Section 54 of the Income Tax Act, 1961 any capital gain arising from the transfer of a residential house property which is a long term asset, is exempt from tax, provided that the assessee has purchased within a period of one year before the transfer (or within two years of the transfer) or has constructed a residential house property within a period of three years after the date of transfer.
Under Section 54 of the Income Tax Act, 1961 any capital gain arising from the transfer of a residential house property which is a long term asset, is exempt from tax, provided that the assessee has purchased within a period of one year before the transfer (or within two years of the transfer) or has constructed a residential house property within a period of three years after the date of transfer.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- GSTR9 applicability
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
