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
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
CAclubindia
