12 August 2016
My one of the Clint sold one of the residence. Residence was mortgage with bank for home loan. Consideration was first adjusted with outstanding home loan. Now he is not in position to to invest entire consideration for getting tax benefit. please advise.
further can we take benefit of interest as part of purchase consideration.
thanks in advance...
13 August 2016
If that residential property was his SOLE PROPERTY used for own residing purpose , there is NO QUESTION arising to show its proceed as LTCG , as entire amount is exempt for taxing
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