Ltcg exemption u/s 54 : repayment of house building loan ??
This query is : Resolved
Tapas Kumar Sinha
(Querist)
16 May 2012
Dear Experts,
I have purchased a house jointly with my mother during PY 2011-12, a portion of the value of the house has been paid by taking housing loan made jointly.During the same year,my mother sold a house which was soley in her name and some LTCG has arised. My query is :
1) Can my mother avail exemtion of LTCG u/s 54 by repaying some portion of the housing loan out of the sale proceeds of the house sold as it happened within 1 year as per provision.
2) Can the repayments through EMIs of the housing loan paid during the year and to be paid during next 2years , be applied to get LTCG exemtion u/s 54.If possible, what is the proportion ,as the loan is in joint name.
Kindly help with your valuable suggession alongwith relevent case law if any.
I have purchased a house jointly with my mother during PY 2011-12, a portion of the value of the house has been paid by taking housing loan made jointly.During the same year,my mother sold a house which was soley in her name and some LTCG has arised. My query is :
1) Can my mother avail exemtion of LTCG u/s 54 by repaying some portion of the housing loan out of the sale proceeds of the house sold as it happened within 1 year as per provision.
2) Can the repayments through EMIs of the housing loan paid during the year and to be paid during next 2years , be applied to get LTCG exemtion u/s 54.If possible, what is the proportion ,as the loan is in joint name.
Kindly help with your valuable suggession alongwith relevent case law if any.
CA SHAH DILEEPKUMAR
(Expert)
16 May 2012
1. Since the property is purchased jointly, the LTCG u/s. 54 is exempted to the extent of your mother's share in the property.
2. Repayments by EMIs would entitle you for deduction under head income from house property and u/s. 80C as per the provisions.
2. Repayments by EMIs would entitle you for deduction under head income from house property and u/s. 80C as per the provisions.
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