Capital Gains on old property

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  1. Satish Mohite

    Satish Mohite New Member

    After the demise of my father, we 3 brothers have inherited a property, which is now being sold.
    All 3 of us are well settled, each having a flat of his own. The gains will be equally divided in 3 parts - one for each of us

    If i invest the gains from this ancestral property, in a new residential house, will i be exempted from capital gains tax. (Note : i already own a house bought in 2006)
     
  2. V K Khanna

    V K Khanna Active Member

    Exemption from payment of capital gain tax under sec 54 can be claimed by you.
     
  3. Satish Mohite

    Satish Mohite New Member

    Thanks.

    One more question.
    If I take a home loan for purchasing a new house, will it be possible for me to claim IT deductions on home loan interest/principal.
     
  4. V K Khanna

    V K Khanna Active Member

    Deduction for home loan interest and repayment of principal amount are governed by separate provisions of Income tax Act and would be admissible subject to fulfillment of certain conditions.
     
  5. Satish Mohite

    Satish Mohite New Member

    Thanks.
    Good Night !!
     
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