Hi, We bought an expensive apartment last year on a home loan and are just about to close a land deal (sale). Can we avoid CG tax on this deal by part-paying the home loan on the apartment? Is that valid and recommended given that we took possession of the apt in spring 2011, and the land deal will be completed in 10 days. Or do you suggest some other options?. Thanks in advance for your help. asked Feb 17 '12 at 21:45 by Ria 1●1●1●1 |
If possession of flat was received within one year before date of transfer of land and purchase cost of flat is more than sale consideration of land, income tax can be saved fully u/s 54F. However there are below conditions for section 54F applicability here:
answered Feb 20 '12 at 20:24 by Pankaj Batra 5.2k●3●20 |