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Mr Anonymous (goverment service)     09 February 2012

Capital gains clarification

I sold a plot of land in sep 2011 and got capital garins of Rs 65 lakhs,

I had booked a residential house costing 45 lacs in Aug 2009 with bank financing.

I  am likely to get posssession in March 2012 ,

By that time I would have paid to the builder necesary 45b lac. out of which around 30 lac by th Bank to which I am paying installments,

Will the amount of 45 lac will be exempted from my capital gains ?


 2 Replies

Vineet (Director)     11 February 2012

No you will not get any exemption in respect of said investment of Rs 45 Lacs u/s 54F.

Sagar Tilak (PROPRIETOR)     17 May 2012

In my opinion, you can claim exepmtion u/s 54F of Income Tax Act as it can be argues that the house is purchased when the possession is taken on the basis of section 53A of TRansfer of Property Act. You need to get your possession documentation perfect to support the exemption claim. Further amount utilized to repay housing loan can be claimed as exemption.

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