11 January 2021
my friend has contructed a house for 43 lacs in 2019-20. for which he has taken loan of 23 lacs (2019-20) , he paid 28 lacs to contractor 23 from loan and 5 lacs from saving for remaining amount he has put his old house paper with the contractor. now that contractor want that this old house on his name for which he will transfer 10 lacs in my friend account to show the sale consideration (this amount will be return back by friend within a week).
now question is that is the long term capital gain will be exempt ? what are the documents required for it?? is the 10 lacs which he will be transfer will be right?? what are the documents and paper work required till date no paper work done.
CAclubindia
