Question on property sold

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2014 Do we need to pay any tax for the property sold? The property is about 3 yrs old.
70 percent of the money we get after selling is used to repay the home loan against the same property.

24 June 2014 yes...it is taxable as long term capital gains. repayment of home loan is not an eligible deduction.

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2014 What can i do to save this tax.Is there an alternate solution for tax savings?
Things like reinvestment or any other option.

24 June 2014 depending on the property, you can invest in house property and claim deduction under 54 and 54F...or invest in NHAI/REC bonds under section 54EC

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Querist : Anonymous

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24 June 2014 Thanks.I'm planning to invest in a small flat.I will need to check the deductions sections.Not sure what are these bonds..

24 June 2014 refer section 54 and 54F

24 June 2014 refer section 54 and 54F

24 June 2014 refer section 54 and 54F


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