I have purchased a house jointly with my mother during PY 2011-12, a portion of the value of the house has been paid by taking housing loan made jointly.During the same year,my mother sold a house which was soley in her name and some LTCG has arised. My query is :
1) Can my mother avail exemtion of LTCG u/s 54 by repaying some portion of the housing loan out of the sale proceeds of the house sold as it happened within 1 year as per provision. 2) Can the repayments through EMIs of the housing loan paid during the year and to be paid during next 2years , be applied to get LTCG exemtion u/s 54.If possible, what is the proportion ,as the loan is in joint name. Kindly help with your valuable suggession alongwith relevent case law if any.
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