https://www.taxtmi.com/forum/issue?id=109515 Sale of jointly held land (bought 1991 for 1 lakh, sold 2015 for 36 lakh) produced split proceeds; taxpayer used part to repay a home loan and planned to use the balance for builder demands or short-term deposits. The advisory response states that capital gain tax is attracted on the sale and that applying proceeds to loan repayment or short-term deposits does not eliminate the capital gains tax liability. en-us Thu, 10 Dec 2015 16:34:59 +0530 Thu, 23 Jan 2025 15:56:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=109515 Sale of jointly held land (bought 1991 for 1 lakh, sold 2015 for 36 lakh) produced split proceeds; taxpayer used part to repay a home loan and planned to use the balance for builder demands or short-term deposits. The advisory response states that capital gain tax is attracted on the sale and that applying proceeds to loan repayment or short-term deposits does not eliminate the capital gains tax liability. Discussion-Forum Income Tax Thu, 10 Dec 2015 16:34:59 +0530 https://www.taxtmi.com/forum/issue?id=109515