Tax query on long term capital gain
rajesh singal
(Querist) 14 July 2016
This query is : Resolved
Dear Experts,
I am planning to buy a bigger second residential property from the consideration and sale proceeds of my existing smaller house.
But the condition is that I will buy the bigger house before selling my existing house by taking house loan and then latter will repay the house loan from the consideration received by selling my existing house.
Is it allowed to claim long term capital gain tax exemption by reinvesting consideration received from first house and payment of house loan of second?
R.K Nanda
(Expert) 14 July 2016
Contact tax lawyer.
Rajendra K Goyal
(Expert) 15 July 2016
Discuss in detail with your tax consultant.
