if i have a residential house property finance through loan.
when i will sell the above said house whether exemption allowed under section 54?
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Is exemption allowed u/s 54 if residential house sold was purchase through loan
Replies (3)
Yes you will be allowed exemption under sec54
If you held residential house fo more than 2 years , then you surely get Section 54 benefits but before that you will need bank permission to release mortgage mark and repay the outstanding loan EMI's so that loan balance becomes zero.
Section 54 involves purchase of new residential house value of which is equal to more than LTCG from sale of old one.
Section 54 involves purchase of new residential house value of which is equal to more than LTCG from sale of old one.
Yes, you can claim exemption. exemption stipulate the purchase of new residential property with the capital gain amt.
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