LTCG repayment

hello experts,
If an individual is having profit on sale of residential property, and the same is utilised to repay new housing loan principal in the same financial year. is the profit exempted ? if yes, in which section it has to be reflected in LTCG?
Replies (3)
Quick Summary
This discussion clarifies whether profits from selling a residential property can be exempted from Long Term Capital Gains (LTCG) tax if used to repay a new housing loan's principal in the same financial year. The consensus is that direct repayment of the loan principal doesn't qualify for LTCG exemption. However, exemptions might be possible under Section 80C (up to £150,000) if a new property is purchased within specific timeframes relative to the sale, subject to certain conditions.

Repayment of housing loan is not eligible for any exemption against long term capital gain.

But if the property was purchased within 1 year before or 2 years after the sale of original property, then it can be considered for exemption..

Under exemptions it will be covered u/s 80c but only upto 150000 in ay subject to certain conditions
No such exemption available

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