Exemption under section 54 of income tax act
This query is : Resolved
11 February 2015
I have sold property recentaly and long term capital gain were used to pay housing loan on another property which was purchased in Aug 2013.I would like to know that I can claim the same under section 54 as exemption for repayment oh housing loan of other property.Thanks in advance.
Manoj Karna
Manoj Karna
11 February 2015
If the new property is purchased within one year before the sale of the old property such repayment of loan out of capital gain is exempted u/s 54.
12 February 2015
Thanks SSETHARAMAN JI, new property was purchased in August 2013 and possession and registered in the month of January 2015.
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