Question on property sold

Save Share

This query is : Resolved

Querist : Anonymous

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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

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

Querist : Anonymous

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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

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

Querist : Anonymous

Querist : Anonymous (Querist)

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..

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

24 June 2014 refer section 54 and 54F

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

24 June 2014 refer section 54 and 54F

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

24 June 2014 refer section 54 and 54F