Capital gains


Nikhil Sharma (Government Service)     23 May 2016

Nikhil Sharma
Government Service 
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A person got a new house constructed in August 2015 by financing through bank loan. If he sells his old house in july 2016,he will be earning long term capital gains. He will use these capital gains income to repay the bank loan. Can he get these capital gains exempted ?

avater

sravan (article student)     23 May 2016

sravan
article student 
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No, he can not get exemption by repaying the loan taken for the purpose of construction of the capital asset


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