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Ltcg on sale of two residential house
i have a old big residential house, if i sell 1part of house property in the yr 2013 for 10lakhs, nd i purchase a house property for 1cr in 2014 via loan of 90lakh, then sell another part of old house in 2015 for 1.4cr. out of which i repay the loan. so will i be able to claim principal amt paid to bank as deduction u/s 80c nd interest u/s 24? nd will i also be able to get the deduction u/s 54 against the total of 1.5cr (1.4cr+10lakh) for expenditure of 1cr?
Replies (1)
To claim exemption from capital gain tax, LTCG has to be invested in another property or in bonds, but not in repayment of home loan.
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