Hello,
Can the gains from a sale of one property be used to pay the bank loan for another property which has been registered 2 years before BUT, for this property have not taken the possession of the property from the builder as its not ready ?
The occupancy certificate has not been provided by the builder. This is in the state of Maharashtra.
Thanks!
loan repayment of anything does not confirms the criteria, assesee has to pay capital gain tax in this case.
Yeah, Mr. Sharma is absolutely correct..
You can claim deduction u/s 80C for repayment of Housing Loan and u/s 24(b) for payment of preconstruction interest on the house loan once the house gets completed.
But in all the cases you have to pay tax on capital gains.
CCI
Pro
CAclubindia
