Utilisation of property sale amount
Col B M Chanan
(Querist) 23 February 2013
This query is : Resolved
Dear sir
Six months back I have purchased a flat at Hyderabad taking a loan from ICICI bank. Now I have sold my old flat at Pune.Please let me know can I use the amount received from the sale of Pune flat to pay back the amount taken on loan from ICICI bank and save the tax?
Thanks
Chanan
Devajyoti Barman
(Expert) 24 February 2013
You better take help of tax consultant.
ajay sethi
(Expert) 24 February 2013
you can use the sale proceeds of pune flat in repayment of housing loan to ICICi bank . you will save on interest costs by repayment of loan . as far as tax treatment is concerned your CA can guide you
Raj Kumar Makkad
(Expert) 01 March 2013
Sure. You can do and even you should do it.
R.V.RAO
(Expert) 21 February 2014
YES CAPITAL GAINS MADE OUT OF SALE OF AN old RES.PROPERTY SHOULD BE INVESTED IN NEW RES.PROPERTY PURCHASE EITHER ONE YEAR BEFORE SALE OR 2 YEARS AFTER SALE OF OLD PROPERTY.
so pune property sale- capital gain amount you can use in hyd.flat buy.
BUT BEFORE DUE DATE OF TAX Return FILING , the capital gain amount till used should be deposited in capital gains bank account.
