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Sale of 2 property and purchase of 1

Prateek Bansal (Article) (41 Points)

28 July 2014

i have a old big residential house, if i sell 1part of house property in the yr 2013 for 1000000, nd i purchase a house property for 10000000 in 2014 via loan of 90lakh, then sell another part of old house in 2015 for 14000000. out of which i repay the loan. so will i be able to claim principal amt paid to bank as deduction u/s 80c nd interest u/s 24? nd will i also be able to get the deduction u/s 54 against the total of 1500000 (1.4cr+10lakh) for expenditure of 1cr?

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3 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 28 July 2014

deduction of 80c and 24b will ne available to you but i am not sure about sec 54. i will soon get to you for this portion of answer.

Prateek Bansal (Article) (41 Points)
Replied 30 July 2014

Someone please reply

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 30 July 2014

1. Lets assume that you (indv/ HUF) sold One Floor of the property for Rs. 10 Lacs and Purchased Another Residntial House Property for Rs. 1 Crore (90% bank Finance)

You are eligible to Claim Bebefit U/s 54, Benfit of 10 Lacs

2. Again you sold the remaing House Property in 2015 for 1.4 and use say 90 lacs out of it to Repay your Loan, You cannot Claim any Benefit u/s 54 here for the amount paid for repayment of Loan (Assuming that you invest the remining amt to purhase a new HP)

3. You can claim deduction of Payament of Principal subjected to Max 1 Lacs

4. Interest on Loan on HP can be claimed depending upon the fact that the new HP is let out or Self Occupied.

Take a Second Opinion also