Section 54 exemption
This query is : Resolved
04 April 2013
First i purchased new house by taking loan from home finannce and after 4 months i sold my old house and i have earned capital gain from it then i am eligible to take exemption U/S 54 or not and i have take benefit of home loan interest and repayment also or not.
pls reply...
pls reply...
CA Himanshu Kansal
(Expert)
04 April 2013
Dear Alok,
In your case, the capital gains that arise is the short term capital gain, therefore in that case, exemption u/s 54, 54EC and 54F are not available to you.
Yes, you can take the deduction from the total income in respect of repayment of principal amount of housing loan u/s 80C but subject to a maximum of Rs. 100000 and also claim loss from self accoupied house property by the payment of interest amount to housing finance limited upto a maximum of Rs. 150000.
In your case, the capital gains that arise is the short term capital gain, therefore in that case, exemption u/s 54, 54EC and 54F are not available to you.
Yes, you can take the deduction from the total income in respect of repayment of principal amount of housing loan u/s 80C but subject to a maximum of Rs. 100000 and also claim loss from self accoupied house property by the payment of interest amount to housing finance limited upto a maximum of Rs. 150000.
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