House property

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nehajain (Querist)
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01 May 2011 If an assessee has two house. One self owned and another on finance. He sold the self owned house and paid the loan of financed house from that money. My question, is he liable to get any exemption for the LTCG he earned from the self owned house?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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01 May 2011 the exemption under section 54 is allowed if u sale a house and invest the capital gain in a new house but in this case the house is already owned by the assessee hence no exemption will be allowed except where the financed house has been purchased one year before the date of transfer of SOP house

CA MANOJ GUPTA
JODHPUR
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CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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02 May 2011 If the sale of old house is taken place one year before purchase of new house ( Finance House) then you can claim the deduction for exemption U/s 54. The Finance house will be regarded as Investment in new residential house.

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