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Long term capital gain can be exempted if i repay hbl

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2015 Dear sir,
I have bought a Flat in the year 2011 through SBI HBL. Now I have sold a land properties having capital gain nearly Rs600000.
If I repay all of it to my HBL account(outstanding loan amount Rs 2000000), can exempted from long term capital gain.
Also please instruct me for other scheme for exemption from long term capital gain
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 September 2015 Repayment of loan can't exempt you from capital gain. Deposit the amount in 54EC bonds for 3 years for capital gain exemption.
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ANKIT AGARWAL

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ANKIT AGARWAL (Expert)
27 September 2015 Claim Deduction u/s 80C for Payment of Principal Amount.

Since you purchased House in 2011, it is not eligible for 54 exemptions.
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