ITR filing: Is income tax rebate possible on home loan repayment from residential property sale proceeds?2 min read 04 Mar 2023, 02:26 PM IST
ITR filing: Income tax exemption from long term capital gains is not available in respect of repayment of a home loan
My father had a residential flat which was given to my mother under his Will. We transferred that flat in my mother name after his death in 2017. She also owns another flat bought in 2020 on which a home loan is running. My mother wants to sell the inherited flat and pay the home loan running on the new flat. Can she do so to claim the capital gain exemption or she needs to buy a new property to claim the exemption. Can she gift some amount from the money received on sale of the flat to her daughter? The inherited flat was bought in 1987 for Rs. 5 lakhs which will fetch now 50 lakhs now. I would like to know the long term capital gain tax liability.
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