Application of LTCG tax exemption for purchase of jointly held property

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  1. Vasu Shetty

    Vasu Shetty New Member

    I own a self-occupied property in Thane city since 1999. I am planning to buy another house jointly with my wife by taking home loan. New property is almost ready to occupy. Within a year of purchase of new property, we intend selling of existing property and use the proceeds of the same to partly pre-pay home loan of new house so that our EMI burden is reduced. My query is: Am I eligible for LTCG tax exemption if I use sale proceeds from my existing singly owned property to pre-pay home loan of jointly bought new property. If not, what possibly could be better option?
     
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