Today I am selling my vacant residential property for rs.1.2crore,and depositing in my bank a/c.
Now I am availing housing loan jointly with my son for rs.1.6 crore,and purchasing a flat,jointly,for rs.2.5crores.I am using the fund1.2 crore from my bank A/C+joint loan proceeds of rs.1.6crore for this.
After 6months I am selling another vacant land in my name for rs.0.7 crore and pay the proceeds to housingloan already availed.
In this connection I wish to state both the sale proceeds are eligible for LTCG exemption under54/F.
I want to know the above action is correct for claiming ltcg exemption.
CAclubindia
