Rupa (employee) (24 Points)
26 August 2009I have taken a loan to purchase a flat dec 2008. The builder has not yet handed over the flat. I plan to sell another property and payoff the loan partially. The pther property will attract long term capital gains. Can i avail the capital gains tax exemption using the whole of the sale proceeds to pay off a home loan on another property ?
Max Payne
(employed)
(2569 Points)
Replied 26 August 2009
Yes, section 54 of the Income tax allows you to claim the deduction by applying the capital gain to acquire a residential property within one year before the date of transfer of the current house.
For eg. This means if you have bought one house on 15.04.2009, and sell another house on 14.04.2010, you can claim exemption.
Do you want a technical explanation?
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 27 August 2009
if u purchase fiat not more then one year ago then you sold ur old property then u clame exsamption
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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