Capital gain on sale of house
This query is : Resolved
02 September 2008
Dear sir, If on selling a house, I use the proceeds of sale to repay loan which i have taken to buy another house 2 years before, Will I be exempt from paying capital gain tax. I know under section 54 i can get exemption if the second house was purcahsed before 1 year of selling of first house. But there it is not talking of re-paying loan amount and may be even house purchased before two years can be treated as benefit for claiming capital gain exemption. Please advice
02 September 2008
From the above facts,you will not get exemption from capital gains tax.
03 September 2008
The condition mentioned in sec 54 is "the property should be purchased either one year before or 2 years after the sale"
In ur case, the loan was taken 2 years before. Hence, no benefit for u
In ur case, the loan was taken 2 years before. Hence, no benefit for u
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