18 June 2013
I have LTCG after selling my flat in February13. Can I get tax exption u/s 54 if I purchase 2 properties? If it is restricted to one property Can I get exemption for 75% of LTCG u/s 54(one property) & 25% LTCG 54EC(bonds)?
In anticipation of deal I purchased a new flat in Novermer 12 with housing loan. In the new property agreement and loan agreement is my son's name is first and mine is joint 3rd. 28% of flat value paid by son, 2% by me & 70% loan. Loan amount is disbursed to builder. My questions are a)) With my name 3rd can I get exempption under 54. b)Can I repay 70% value of housing loan from LTCG & get exemption? c)Will there be any restrictions on eligibilty as my name is 3rd? Which date is considered for time limits? date of signing agreement/ date of registration/ date of possesion?
property profit earned by you then investment also in your name. joint name exemption if you prove that investment made by you .
only one property investment in allowed u/s 54. you can purchase house in two year from tfr date or one year before tfr. date.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
18 June 2013
Can I repay disbursed housing loan from my LTCG deposit account?This will be 70% of new property valvue and also 0% of LTCG. Any limit like 1/3 my name being 3d?