can any exemption be claimed if the ltcg used for clearing the existing house property loan from a bank?
or utilising the same amount for construction of a floor in the existing building for claiming exemption? kindly advise!!
3 Replies
Gaurav Sharma
(155 Points)
Replied 20 October 2019
If LTCG is on sale house property than u/s 54 you can claim deduction for expenses incurred on construction of house property within 3 year
Sri Snigdha
(Articles Assisstant)
(499 Points)
Replied 20 October 2019
But it not the construction of a new house.. but to build a new floor on the existing building
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