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Suyash Kumar (Assistant Engineer)     15 August 2020

Tax on capital gain

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.


Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     15 August 2020

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.

Suyash Kumar (Assistant Engineer)     16 August 2020

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

Harendra Kumar (A Practicing Lawyer)     18 August 2020

Yes, you can be availed. 

1 Like

Suyash Kumar (Assistant Engineer)     19 August 2020

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

 


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