capital gain from the sale of house
This query is : Resolved
Dinesh Thirani
(Querist)
01 September 2009
I have purchased a flate of rs.31 lakhs four year ago & for this purpose, I took loan of rs. 25 lakhs. till now I have paid 12 lakhs as interest on loan & one lakh rs.as repayment of Principal amount.
now I have sold this flate for Rs. 64 lakhs
my queriezs are:
1. whether interest paid on loan ( 12 lakhs Rs.) would be consider for purpose of cost of acquisition.
2.is there any exemption avialable u/s 54 of income tax act. I want to take loan of rs. 2o lakhs from bank & invest it in purchase of new house & utilise long term capital gain in some other purpose.
kindly advise me.
thanks
now I have sold this flate for Rs. 64 lakhs
my queriezs are:
1. whether interest paid on loan ( 12 lakhs Rs.) would be consider for purpose of cost of acquisition.
2.is there any exemption avialable u/s 54 of income tax act. I want to take loan of rs. 2o lakhs from bank & invest it in purchase of new house & utilise long term capital gain in some other purpose.
kindly advise me.
thanks
Late CA Sampat Jain
(Expert)
02 September 2009
1. NO
2.YOU HAVE TO INVEST IN NEW HOUSE AS PER CONDITIONS OF SECTION . INVESTMENT OF CAPITAL GAINS IN SPECIE IS NOT REQD.
2.YOU HAVE TO INVEST IN NEW HOUSE AS PER CONDITIONS OF SECTION . INVESTMENT OF CAPITAL GAINS IN SPECIE IS NOT REQD.
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