Long term Capital Gain tax query

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  1. rupali_1972

    rupali_1972 New Member

    Dear sir
    My husband owns a flat in Delhi in his name( Sole owner). We bought another flat in 2014 in joint names ( myself and my husband). The new flat was bought in Nov 2014 with a loan amount of Rs. 1.20 Cr. Now My husband is selling the flat which is in his name only( its more than 3 years old) . The capital gain will be around 55 L. We also own another flat in joint name in Noida and one in my name in Delhi. Now we want to pay off our loan to the extent of 90 L ( the entire proceed from sale of the flat thats in my husband' name) . Please let us know if we have to pay any CG tax. Can we take the proceeds of the sale in our account and then pay the loan or do we have to open a CG account. Thanks in advance.
    - Rupali
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    Capital Gains exemption can be claimed if the new house is purchased 1 year before or 2 years after the sale of the house

    Therefore, if you sell the house before Nov 2015, you can claim capital gains exemption.

    Irrespective of whether you use the funds to repay the Loan or not, if it is sold before Nov 15 - you can claim the capital gains exemption
     
  3. rupali_1972

    rupali_1972 New Member

    Thanks Manoj, but is there any issue regarding number of houses.
     
  4. Manoj Mehra

    Manoj Mehra Active Member

    The restriction on No. of houses is under Section 54F

    In your case, as you have sold a residential house, Section 54 would be applicable.

    There is no limit on the no. of houses for claiming deduction under section 54
     
  5. rupali_1972

    rupali_1972 New Member

    Thankyou very much.. I am relieved...Thanks a ton again.
     
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