LTCG repayment

This discussion clarifies whether profits from selling a residential property can be exempted from Long Term Capital Gains (LTCG) tax if used to repay a new housing loan's principal in the same financial year. The consensus is that direct repayment of the loan principal doesn't qualify for LTCG exemption. However, exemptions might be possible under Section 80C (up to £150,000) if a new property is purchased within specific timeframes relative to the sale, subject to certain conditions.