Sakthi ( CA Final) (96 Points)
24 August 2012HI
A House property was constructed by obtainin Housing loan in 1993(Total Cost 5L) . Now ie. on Aug 2012 it was sold for 15L . Out of Sale proceeds 2 lacs was utilised for repayment of loan and balance amt was invested in S.54EC Bonds. Kindly guide me the treatment for loan repayment out of sale proceeds. Is there any portion of CG is taxable?
praveen
(Chartered Accountant)
(6971 Points)
Replied 24 August 2012
Repayment of loan does not give you any relief in computing capital gains.
Otherwise all the other provisions are similar.
Apply the indexation and see if there is any capital gain.
In case there is any capital gain then see whether the same has been deposited in 54EC bonds within 6 months from the sale.
Regards
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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