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Bank loan

Rupesh Soni (Taxation Consultant & CA final student) (493 Points)

21 May 2014

if I had taken Housing loan of Rs.20lakh To buy house of Rs 30lakh..i have to pay mortage H. Loan in 120 Emi Quee Am i Sale House aftr 2 yrs???

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5 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 21 May 2014

your ques. is not clear, please elaborate. as far as i have understood i can only reply that u can sell your house after 2 yrs but any gain will be chargeable as short term capital gain and accordingly taxed.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 21 May 2014

above answer will apply if your house is not mortgaged against your housing loan. if mortgaged then u can sell your house unless you repay your loan.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 21 May 2014

plss correct on above answer... "cant sell"

Piyush Mittal (Article Assistant) (63 Points)
Replied 22 May 2014

U can't sell ur house unless u repaid ur loan...but if u sell ur house after repayment in 2 year from the date of purchase then short term capital gain is attracted..