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Mihir

Mihir Tanna  |1107 Answers  |Ask -

Tax Expert - Answered on Feb 23, 2026

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Babu Question by Babu on Nov 29, 2025Hindi
Money

Sir, I have purchased second hand a flat in 2022 using HDFC housing loan of 40 Lakhs. 34% of the EMI completed now. Now in November 2025 I have sold my own old flat in another location at 49.5 Lakhs. Old purchase price of this flat with stamp duty & registration was 25.33 Lakhs in the year 2007. Can I use the capital gain from the sale to close the housing loan with capital gain tax exemption?

Ans: No, capital gain tax exemption on sale of house property is available if gain amount is invested in new house property as per prescribed conditions.
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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