Hi Friends,
I have a query. Pl. help.
Mr. X has 3 properties.
Property A - flat - Bought 9 years ago. (No loan outstanding)
Property B - flat - Bought 3 years ago.
Property C - House - Bought 1 year ago. (Housing loan outstanding).
He wants to sell Property A and pay the outstanding loan towards property C bought an year back.
Will he get the tax benefit under Sec 56 F or any other section as he utilizes the capital gains towards the property he purchased an year back?
Please help.
Thanks
Mohan Kumar
CAclubindia
