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Hi Mr. Pankaj, asked Jul 15 '11 at 23:08 by Asha Sreeram 1●1●1●1 |
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Below is the computation for capital gains and taxes: Purchase Year = 2005-06 Sale Year = 2010-11 Indexed Purchase price = 1100000 x (711/497) = 1573642 As flat bought in Feb 2010 was not in your husband's name, income tax benefit cannot be taken for that. Now he can buy a new residential property for around 6.27 lakhs to save tax fully (u/s 54) before July 2012. If its not bought before July 2011, this amount needs to be invested into capital gain account scheme or tax has to be paid. answered Jul 18 '11 at 18:06 by Pankaj Batra 5.2k●3●20 Hello Mr. Pankaj,
If the flat bought in Feb 2010 was in her husband's name, could they have availed the income tax benefit by prepaying the loan ?
I have a similar scenario. We purchased a house in Noida in 2002 and sold it in July 2011. The purchase and sale price are 25L and 75L. We also purchased another house in June 2011. Since the home loan for the same has already been taken, can we use the capital gains from the sale of the first house, towards prepayment of the loan on the second house and claim tax benefit ?
Thanks,
Yamini
(Aug 05 '11 at 11:04)
Yamini
There is no income tax benefit to prepay home loan from long term capital gains.
But yes, if a new flat is bought within one year before selling the flat or within next two years of sale, no income tax would be payable if his share in new flat bought is worth more than long term gains.
(Aug 06 '11 at 21:21)
Pankaj Batra
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