Long term capital gains usage???
Querist : Anonymous
Sale of flat for 45 lakhs ( white)
out of this 45, seller wants to buy one more flat for 25 lakhs to claim exemption...
so remaining is 20 lakhs...
he even has previous hosuing loan to be repaid lumpsum settelement being 17 lakhs...
now the question is can he use the remaiinig 20 lakhs to clear the 17 lakhs loan....
or is it required to pay 20 percent as ltcg on 20 lakhs.. and then settle housing loan repayment....
please let me know how to go about it???
2. Assuming 45 lakhs is the capital gains, you cannot claim exemption by repaying the housing loan. You shall be required to pay capital gains tax on 20 lakhs.
Querist : Anonymous
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