I purchased one residential flat in June 19 on housing loan .now I wish to sell ancestral property and get share of sale proceeds in FY 20-21 in Aug 20 after sale.
My question is whether I can utilise the part sale proceed for repayment of housing loan for taking tax exemption on capital gains so utilised . and partly for purchase of capital bond
Sinha
utilisation of sale proceeds of one flat in purchasing another flat is exempted under Sec 54.
From last finance bill.
there are two sections .
one is sec 24 where u can get exemption upto 1.5 lacs.
ANOTHER SEC 80EEA
THAT DEPENDS ON WHETHER U WANT TO TAKE HOUSING LOAN.
IF U TAKE HOUSING LOAN U WILL GET DEDUCTION FOR INTRREST PORTION.
IF U WANT TO AVAIL PMAY SCHEME 2.67 LACS IS EXEMPTED.
CAclubindia
