sir, i had purchased a flat in 1999 for 6.85 lakhs and sold same in 2008 for 13.07 lakhs. the money i had recd from this sale was used to pay off part loan amount of my present house which was purchased in 2004. will this amount which had been paid for loan of second house can be claimed as non taxable income. kindly advice
1 Answers
If possession of present house was taken between 2007 and 2010, then tax benefit u/s 54F can be claimed, else long term gains on old flat sale would be taxable.
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