hello experts,
If an individual is having profit on sale of residential property, and the same is utilised to repay new housing loan principal in the same financial year. is the profit exempted ? if yes, in which section it has to be reflected in LTCG?
Repayment of housing loan is not eligible for any exemption against long term capital gain.
But if the property was purchased within 1 year before or 2 years after the sale of original property, then it can be considered for exemption..
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