Today I am selling my vacant residential property for rs.1.2crore,and depositing in my bank a/c.
Now I am availing housing loan jointly with my son for rs.1.6 crore,and purchasing a flat,jointly,for rs.2.5crores.I am using the fund1.2 crore from my bank A/C+joint loan proceeds of rs.1.6crore for this.
After 6months I am selling another vacant land in my name for rs.0.7 crore and pay the proceeds to housingloan already availed.
In this connection I wish to state both the sale proceeds are eligible for LTCG exemption under54/F.
I want to know the above action is correct for claiming ltcg exemption.
You can claim exemption for both the properties
subject to main condition of 54F
i.e. 1. concept of not more than one more property
2. Assets should be Long term
CAclubindia
