Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

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

T S Khurana |367 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.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Jan 22, 2024

Question by VSPMANI - Jan 19, 2024Hindi

Money

Can the TAX on LTCG earned from sale of House property be set off by loss in sale of another house after 3 years of LTCG earned. The LTCG amount is kept in CGSS of SBI

Ans: No, it will be taxable @20% plus applicable surcharge cess in the year of expiry of 3 years from transfer of original asset. Further, to withdraw money from CGSS of SBI, you need to submit proof of tax payment along with computation and relevant documents of property to jurisdiction assessing officer. Once you receive approval in writing from officer, SBI will allow you to withdraw the money.

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Oct 11, 2024

Asked by Anonymous - Aug 09, 2024Hindi

Money

Sir, I have purchased a flat for 3L in 1998. I want to sell it at 27L. I purchased a house in gated community for 45L through loan through installment during period 2011-19. In 2019, sale deed (conveyance deed) was handed over by society. Can I repay the outstanding home loan partially from the flat sale. Will it attract LTCG tax. If yes, How to reduce the tax. Buyer has intention of taking loan upto 20L. Please guide.

Ans: 01. You are selling the Flat in 2024, which you purchased in 1998. LTCG on it shall be due in 2024 only.
02. Since you purchased a flat during the period 2011-19 in installments, i.e., before one year from the date of sale of flat in 2024, you are not entitled to exemption u/s 54.
03. You can repay your loan from the amount you received from sale of flat, but it will not entitle you for any exemption.
04 Buyer may take a loan or not, it is none of your business & has not tax liability for you.
05. To reduce your tax liability, you may invest in purchase/construction of residential property, with in specified time limits or invest in Capital Gains Bonds Scheme of NHAI or REC etc.
Most welcome for any further clarifications. Thanks.

Latest Questions

Radheshyam Zanwar |1246 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

I got 96.95 percentile in JEE Mains as being general EWS boy and wishing for CSE branch AI or data science specialisation can I get seat in any NITs? Please help me with this... Thank you

Ans: Hello dear.
With a score of 96.95 %tile and EWS category, it will be challenging to get CSE/AI/DS in NITs. But keep a close eye on the admission process and fill the options with utmost care. At this percentile, you may get sure admission in IIITs. Pl focus more on 2nd attempt of JEE so that you can improve your score and get admission to CSE @ NIT.

If you like the reply, then follow me else ask again without hesitation.
Thanks
Radheshyam

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Question by Indrajit - Feb 22, 2025Hindi

Career

My daughter scored 96.3 percentile in JEE Main from Delhi. Which are the best option for CSE in Delhi or elsewhere?

Ans: Indrajit Sir, Your daughter can participate in JAC-Delhi Counselling Process. You can estimate your daughter's approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for Computer Science Engineering (CSE) in each NIT. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Daughter's Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Hi, my daughter has got 95.37 percentile in jee mains-2025. Can she get any good college olin delhi or any NIT. She wants to do electronics and telecommunication. Thanks

Ans: Chances are more she will get E&T for 95.37 percentile. She can also participate in JAC-Delhi Counselling Process. You can estimate your daughter's approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for E&T in each NIT. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Hi My son get 72 percentile in jee mains 1 i we are SC category.Is there any chance to get admission in NIT DURGAPUR or somewhere else? Will he be eligible to seat for JEE ADV? Should he seat for it?

Ans: Whether your son will be eligible for JEE Advanced depends upon his Score in JEE Main and also the CUT OFF decided by JEE Advanced Organizing IIT. As far as admission into NIT-Durgapur, you can estimate your son's approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for NIT-Durgapur. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Son Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Question by Sathya - Feb 22, 2025Hindi

Career

Hello Sir. My daughter got 84.2 percentile in jee mains 2025 . She is in general category. Can she get a seat in IIIT?

Ans: You can estimate your daughter's approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for admission into any one of the IIITs. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Daughter's Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Question by Peeta - Feb 23, 2025Hindi

Career

My son got 99.568 percentile in jee mains -2025 first season.we belongs to OBC -NCL.Please suggest best NITs with CSE branch

Ans: Peeta, you can estimate your approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for Computer Science Engineering (CSE) in each NIT. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Question by simila001 - Feb 23, 2025Hindi

Career

My son secured 99.14 percentile in JEE mains.Ehatbare his options to get into tier 1 NITs

Ans: You can estimate your approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for Computer Science Engineering (CSE) in each NIT. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Nayagam P P |4169 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Question by Gayathri - Feb 21, 2025Hindi

Career

Sir, I got 94.67 percentile in Jee mains general category .What are the CSE options available ?

Ans: Gayathri, you can estimate your approximate rank using a formula available on Google. Additionally, visit the JoSAA website to find out the approximate opening and closing ranks of 2024 required for Computer Science Engineering (CSE) in each NIT. It's also a good idea to have backup plans – consider appearing for 2-3 more engineering entrance exams to broaden your options. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Radheshyam Zanwar |1246 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

CaN you list the nit in order for selection to cse group. Is trichi not in top list

Ans: Hello dear.
It would be an injustice for the brand NIT to list them in descending order. Yet some people try to order. Here is the order of NIT for the CSE branch:
(1) NIT Tiruchirappalli (NIT Trichy) (2) NIT Karnataka, Surathkal (3) NIT Rourkela (4) NIT Warangal (5) NIT Calicut (6) NIT Jaipur (7) NIT Silchar (8) NIT Nagpur (9) NIT Durgapur (10) NIT Jalandhar

If you are satisfied with the reply, please follow me or ask again without hesitation.
Thanks
Radheshyam

Radheshyam Zanwar |1246 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Sir I got 97.148 %ile and I am from OBC NCL category can i get a decent branch in any tier 1 NITs

Ans: Hello dear.
With a score of 97.148 %tile and OBC-NCL category, chances are there to get admission to one of the NITs but low chances to get into tier 1 NITs.

If you are satisfied with the reply, please follow me or ask again without hesitation.
Thanks
Radheshyam

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x