Sir, I have a land in my name, now I want to sell that & purchase new house in my spouse's (as 1st name) & my name jointly. Now I want to know can I claim tax exemption on interest paid on the loan as well as on the profit gained on selling of land (which is in my name)? I already have one home in my name & paying EMI on Home loan taken from SBI.
1 Answers
If you are selling land, you can avail tax benefits u/s 54F as you are purchasing new house.
There is no issue in availing both tax benefit of home loan and capital gain.
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