Application of LTCG tax exemption for purchase of jointly held property

Share This Thread
  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?
Draft saved Draft deleted
Similar Threads Forum Date
Which are the things that the lenders verify before approving Home Loan application? Income Tax Oct 9, 2017
application under section 197 for lower deduction of tds Income Tax Jul 9, 2017
F&O margin as application of funds Income Tax Mar 23, 2017
Application of 80GG for part year Income Tax Jul 21, 2016
Income tax on contract based employee and application of section 44AD Income Tax Jun 26, 2016