Capital gain tax exemption on sale of property

This query is : Resolved

DIVYESH JAIN (Querist)
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23 July 2024 Dear Sir,

If a person wants to sell his property and use the sale proceeds in pre-payment of an existing home loan then will he get capital gain exemption on the property he sold.

Please help me in this matter.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2024 Sec 54 or 54F mandates purchase of any HP within specified time period, subject to conditions specified in respective sub sections. If those conditions are satisfied, the assessee can claim the exemption. Just repaying loan without any purchase of HP doesn't qualify the conditions.

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