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Capital Gains

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(Querist)
24 May 2010 HI, one of my friends has a query
He is got 2 houses House 1 is in Navi Mumbai which is owned by him since 1998.
He is recently bought a new house in Mumbai against a Bank Housing Loan.

He plans to sell his Navi Mumbai House and Pay Off the Housing Loan on his New House.

Can this repayment be considered under the exemtptions u/s 54 on Capital Gains of Income Tax Act

Any Advice/Suggestions are Welcome
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CA. NIRMAL SINGH

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CA. NIRMAL SINGH (Expert)
24 May 2010 For claiming the exemption u/s 54 assessee should deposited capital gain investment account within due date of furnishing Returns.
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Rajendraprasad Sharma

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Rajendraprasad Sharma (Querist)
24 May 2010 Hi,
I do understand the Investment aspect but the question here is

Can a Sale Consideration of HP in Navi Mumbai which is being intended for Repayment of the Housing Loan of a New HP purchased less than a Year... will enable the Assessee for exemptions from Capital Gains
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