Capital gains
This query is : Resolved
17 June 2016
Good Morning Everyone! I have query regarding the
A person having two residential properties of which one is discarded. Originally the sold property was acquired by way of bank loan. The Entire sale consideration of sold property was utilized in repaying the loan So, in this scenario is he required to pay any capital gains or otherwise can he claim deduction for such bank loan repayment in the form of cost of acquisition. if yes, kindly suggest me a case law or exemptions available in this regard.
Thank You.
A person having two residential properties of which one is discarded. Originally the sold property was acquired by way of bank loan. The Entire sale consideration of sold property was utilized in repaying the loan So, in this scenario is he required to pay any capital gains or otherwise can he claim deduction for such bank loan repayment in the form of cost of acquisition. if yes, kindly suggest me a case law or exemptions available in this regard.
Thank You.
17 June 2016
Repayment of loan will not form part of cost of acquisition.
17 June 2016
Is their any exemption which he can avail for such capital gain
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