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Is repayment of housing loan allowable u/s 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 January 2014 I HAVE SOLD A LAND AND GENERATED LTCG FROM IT. CAN I REPAY THE SALE PROCEED TO BANK FROM WHOM I TOOK HOUSING LOAN AND CLAIM EXEMPTION FROM LTCG, INSTEAD OF PURCHASING NEW HOUSE PROPERTY.
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Nitin Bhuta

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Nitin Bhuta (Expert)
01 January 2014 No in my opinion it is not permissible as per the conditions stipulated by section 54 of the Income Tax Act 1961.
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