Capital gain Query
This query is : Resolved
RAVI SHARMA
(Querist)
12 August 2016
My one of the Clint sold one of the residence. Residence was mortgage with bank for home loan. Consideration was first adjusted with outstanding home loan. Now he is not in position to to invest entire consideration for getting tax benefit. please advise.
further can we take benefit of interest as part of purchase consideration.
thanks in advance...
S S Dahale
(Expert)
13 August 2016
If that residential property was his SOLE PROPERTY used for own residing purpose , there is NO QUESTION arising to show its proceed as LTCG , as entire amount is exempt for taxing
RAVI SHARMA
(Querist)
16 August 2016
thanks sir... pls also refer to section to confirm this to tax authority
S S Dahale
(Expert)
16 August 2016
sections 54 is self explainatory
RAVI SHARMA
(Querist)
16 August 2016
but that was exemption section if amount reinvested in residential property
Dhirajlal Rambhia
(Expert)
08 November 2021
No. Interest part is not inclusive of COA.
He can purchase another property with second home loan. Or pay LTCG.
He can purchase another property with second home loan. Or pay LTCG.
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