POSTED BY February 9, 2011 11:08 am COMMENTS (6)ON
I bought a House on Rs 2/- (1 + 1(Loan). After 3 Yr. I sell it in Rs 3/- and Already settled my loan. So Lets take after Indexation Long Term capital gain is Rs 1.
Now I bought new Property within 6 month. Cost Rs 2/- for Which i have taken a home loan Rs 1.5/- and rest Rs 0.5/- used from my LTCG.
Now question are :-
1. Can i take the tax benifit of new home loan.
2. What is the taxable amout.
3. What about the tax benefit i have taken from first loan (Someone told me that if i sell the first property within 5 yr. in that case the tax benifit which i have taken will add in my current year income. I have doubt over it. ?)