capital gain tax

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clerk
24 Points Posted on 23 January 2011

I am selling a property for 50 lakhs. My Capital gain tax is 40 lakhs. I am investing in a land for 20 lakhs .

The balance 20 lakhs is taxable.

I have a hand loan of 15 lakhs borrowed from three people (1  relative and 2 friends)

Does this loan can be adjusted towards my capital gain tax.

 

Please suggest me what should I do

 

venkat

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On 23 January 2011 at 17:01 Report
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Learner
3134 Points Posted on 28 January 2011

no... you can not adjust your loan amount with capital gain.

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On 28 January 2011 at 17:28

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