cpc

tax on capital gain

Assistant Engineer

I want to sell my residential land purchased before 5 years. Whether I will be eligible to get benefit of exemptions on capital gain tax under section 54 of income tax,if I utilize money thus gained to pay some part of my home loan availed 3 years back to buy a flat.
 
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Lawyer in Hyderabad.wats app no.9989324294

Taxpayers can now obtain a long-term capital gains exemption on the sale of a house by investing in two houses (upper limit of Rs 2 crore). Earlier, the exemption was available for investment in only one property.

 
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Assistant Engineer

Sir thanks for ur reply.I wish to know whether this exemption will be applicable for the repayment of home loan for the flat purchased earlier.

Eagerly waiting for ur guidance.

Regards

 
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Executive

Yes, you can be availed. 


Total likes : 1 times

 
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Assistant Engineer

Thanks a lot Sir.Can u please provide any documents/ section ?

 

 
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