Capital Gains Exemption to repay Housing Loan

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  1. abhay p z

    abhay p z New Member

    my friend has sold his property, can he pay his housing loan from the amount received from sold property
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    If the housing loan has been taken for a property which has been purchased less than 1 year prior to the property which has been sold, exemption from Capital Gains would be allowed under Section 54
     
  3. abhay p z

    abhay p z New Member

    if the housing loan is older than 3 years, in which bonds he must invest the amount of sold propety
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    If the property is older than 3 years, deduction under Section 54 wont be allowed.

    However, you can claim deduction under section 54EC for investment in capital gains bonds. Amount in these bonds have to be invested within 6 months.

    This amount can be invested in NHAI bonds, REC Bond etc
     
    abhay p z likes this.
  5. abhay p z

    abhay p z New Member

    CAN HE DEPOSIT IN NATIONALISED BANK FOR 5 YEAR DEPOSIT
     
  6. Parul_Gupta

    Parul_Gupta Active Member

    5 Year deposit in bank wont classify for capital gains exemption.

    It is only available as deduction under Section 80C
     
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