Ltcg & repayment of housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2012
A has sold an inherited residential property and has a LTCG of Rs 50 lakhs. A has another property acquired 2 years ago on which there is an outstanding housing loan of Rs 40 lakhs. A utilises the LTCG in repayment of this outstanding loan. Can A get exemption in paying tax on LTCG to the extent of repayment of housing loan? If so, under what section, please advise.Kindly quote any case law on this topic if possible
CA PARAS BAFNA
(Expert)
08 July 2012
A can not get exemption for repayment of housing loan. Had he purchased the new house, within one year before the transfer of the old property, he could get deduction , even without repaying the bank loan.
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