RAHUL (Self Employed) (129 Points)
23 September 2008hi.. i want to know whether the proceeds of long term capital gain from sale of a residential house can be used to pay of the debts of the Assessee(debts relating to house so being transfered)?
If so, can it be even used to pay off loan povided by private parties?
If not so, can the Assessee evade paying capital gain tax? Does all people who sell their capital asset are paying the capital gain tax promptly?
CA Gaurav Gupta
(Practice)
(307 Points)
Replied 23 September 2008
no ,only allowed r exp r expences on transfer . on the remaining u have to pay LTCG/STCG as the caes may be however u can claim exemption u/s54 but to claim this exemption u either have to purchase a new house propery or construct
get the details of the section fron the share files it is available there
CAclubindia
