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Capital gains

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(Querist)
31 January 2018 Sir

I am going to be sold residential site in next month. Can I use sale proceeds to close the existing Housing loan?
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Z

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Z (Expert)
31 January 2018 Yes, you may, but it won't entitle you to any benefit or exemption from tax thereon.
For claiming exemption, you may consider investing in NHAI/RECL bonds or acquiring/constructing a residential house property.

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