I own a flat jointly with my wife since year 2007 at lucknow. I am co owner of a flat at Nioda, my son being first applicant there. The possession of the flat is likely in the middle of year 2012. For my Noida based flay I have availed the following loan.
I want to know whether the above loans can be repaid out of sale proceeds of agricultural land( within 8 KM from municipal limits) in Sep 2012 as per provisions of LTCG ? Thanking you, G K Mishra. asked Sep 28 '12 at 16:36 by girindra 1●1●3 |
There is no tax benefit available on repaying home loan from sale proceeds of a capital asset. However as you indicated that you are getting possession of a flat so you can take tax benefits u/s 54F by showing residential house property purchase. answered Sep 29 '12 at 00:07 by Pankaj Batra 5.2k●3●20 |