Pooja (Final CA) (502 Points)
15 March 2013
If I have a capital gain of Rs. 2 Crore which i invest in a house property of Rs. 2 Crore and I also take a housing loan for the same of Rs. 1 Crore, can i claim exemptions under both capital gains sec 54/54F and under sec 24?
Please quote relevant case laws if possible.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 15 March 2013
YES, DEFINETLY
U SAID U HAVE GOT A CAPITAL GAIN OF TWO CRORES, IF THIS 2 CRORES WITH THE HELP OF ANTHER CR(which u took loan) is invested in new property then u can definetly claim both under 54 and 24 aswell,
I DONT HAVE ANY CASE LAW WITH ME,
CORRECT ME IF I AM WRONG,
THANK U
Pooja
(Final CA)
(502 Points)
Replied 15 March 2013
The value of property bought is 2 Crores only... so can I claim exemption under both sections?
My basic doubt is that when I show the amount of capital gain (2Cr.) Invested to buy the house worth 2 Cr, how can I get exemption for housing loan taken for the same house?
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 15 March 2013
u can show that 1 crore as a construction in house and claim sec 24 b deduction
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 15 March 2013
IF UR CAPITAL GAIN IS 2CR THEN TO TO CLAIM DED U/S 54 U SHOULD INVEST WHOLE CAPITAL GAIN
IN THE ASSET U HAVE BOUGHT,
I THINK U USED 1CR FROM THE CAPITAL GAINS AND OTHER 1CR FROM BANK,
THEN U WILL GET 1CR AS 54 EXEMPTION AND as u said u bought a loan now u can even claim u/s 24,
if u have used only 1cr from capital gain then remaining 1cr is taxable
Neha sharma
(-)
(1257 Points)
Replied 15 March 2013
Yes, you can claim benefit under both the sections..
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2013
If the property you are purchasing is less than the capital gain then balance capital gain will become taxable. If the property you are purchasing is more than the capital gain, then the capital gain will become Nil. Here ends the capital gain issue. It is not possible to purchase a property that exactly matches with the capital gain amount. Now if the excess money spent on that same property is sought from a bank, then you will get exemption u/s 80C and u/s 24.
Pooja
(Final CA)
(502 Points)
Replied 16 March 2013
| Originally posted by : VIKAS.A | ||
 |
IF UR CAPITAL GAIN IS 2CR THEN TO TO CLAIM DED U/S 54 U SHOULD INVEST WHOLE CAPITAL GAIN IN THE ASSET U HAVE BOUGHT, I THINK U USED 1CR FROM THE CAPITAL GAINS AND OTHER 1CR FROM BANK, THEN U WILL GET 1CR AS 54 EXEMPTION AND as u said u bought a loan now u can even claim u/s 24, if u have used only 1cr from capital gain then remaining 1cr is taxable |
|
I have utilized the entire capital gain of 2 cr for buying the property, so i get an exemption for whole of capital gain amt.
so now I cant show the 1 Cr housing loan against the same propery right? because if I do then there might be a question arising of where did I invest that housing loan in that property...?
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2013
If the property is of 2 cr, and you have used up all capital gain, then your tax liability would be Nil.
Housing loan will not be given if you can't show documents. The bank does not pay you the loan; they will pay the loan directly to the builder/seller upon furnishing documents etc.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 16 March 2013
ya pooja what u said is exactly correct.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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