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Confused Seller: Can I Use My LTCG to Pay Off Another Flat's Home Loan?

T S Khurana |566 Answers |Ask -Follow

Tax Expert - Answered on Dec 05, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 31, 2024Hindi

Money

Sir, Can the LTCG amount on resale of a flat be utilised to repay the old home loan of another flat, to claim the tax rebate

Ans: 01. You can pay off your home loan from the amount received by selling a Flat or spend the amount in any manner, there is no bar.
02. But you have to pay tax on LTCG generated by selling the Flat.
03. If you repay the home loan of another Flat, this Flat should have been purchased with in time limit of "ONE YEAR BEFORE THE SALE OF OTHER FLAT". This time line is important, to avail the tax benefit. Beyond that limit you cannot claim any exemption of any payment of home loan.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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