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Adjustment of Long term capital gains on property sale

30 June 2021

Last year I constructed a house (land is on my wife's name) by taking joint homeloan for which only I am paying emi. Construction was completed 6 months ago. Now, in the next month I am going to sell my other house which was constructed 15 years ago. So, is it allowed to adjust LTCG against home loan cited above?

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2 Replies

Yogesh Pandey (144 Points)
Replied 30 June 2021

To claim the tax benefits for a home loan, you must be a joint owner in the property and the loan should have taken jointly.

In your case, you are not a joint owner of the property.

If your wife had paid the loan, she would have been able to take advantage of it besides the other property also belongs to her.