Exemption for capital gain from sale proceed utilised for repayment of house loan
This query is : Resolved
21 November 2024
I have an one old house and constructed a new house by taking a housing loan, if i sold the old house and the entire sale consideration was used to repay the loan taken for new house , can i claim an exemption u/s 54 of the IT Act, any decided cases
21 November 2024
No, not by repayment of loan, but check eligibility for the new house property.
21 November 2024
that depends on the time gap between the purchase of new house and sale of old house.
The condition is as under:
The seller should purchase a residential house either 1 year before the date of sale/transfer or 2 years after the date of sale/transfer. In case the seller is constructing a house, the seller has an extended time, ie. the seller will have to construct the residential house within 3 years from the date of sale/transfer. I
The condition is as under:
The seller should purchase a residential house either 1 year before the date of sale/transfer or 2 years after the date of sale/transfer. In case the seller is constructing a house, the seller has an extended time, ie. the seller will have to construct the residential house within 3 years from the date of sale/transfer. I
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