Capital gain

This query is : Resolved

Yash Dave (Querist)
Follow

14 December 2012 CAPITAL GAIN IS UTILISED FOR REPAYMENT OF PRINCIPAL AMT OF HSG LOAN TAKEN PREVIOUSLY 3 TO 4 YEARS BACK CAN AVAIL FOR EXEMPTION U/S 54

@VaibhavJ

@VaibhavJ (Expert)
Follow

14 December 2012 Hi

Exemption under section 54F can be claimed if the sale proceeds are utilized within one year before or 2 years after the date of transfer. So where a house is bought one year before the date of transfer by taking loan and you sell your house property within one year and uses the amount to pay back the loan, such repayment should be taken as fulfilling the condition of using the sale proceeds.

So in your case you can not claim exemption.

Thanks//Vaibhav

Message likes : 1 times