i have residential house (in joint name) and i have taken loan for the same. I have sold non residential long term capital asset.how can i used sales consideration for saving taxes on capital gain.
1.can i use sales consideration of above asset for payment of loan on above residential house. or
2. can i purchase new residential house.if yes then whether in single name or joint name.(as provision of sec 54Fexemption of caiptal gain allowed only when the assesee does not own more than 1 residential house property).or
3. can i purchase bond issed by REC & NHAI.
pls relpy fast. Thaks in advance
CAclubindia
