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Sale of land purchased on loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2017 Gud Morning Experts,

I am salaried employee drawing salary approx 30000 p.m. i buy a land on loan for rs. 6 lakhs and think to construct a house but due to some person inability, i am now not in a position to do so. So, i want to sale it. i got one customer who want to purchase the land for rs. 7 lakh and i want to repay the loan amount.
QUERY:
1. now can i do so, if yes,
2. any income tax liability on me

please guide
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 September 2017 1 Yes you can do so.
2 Capital gain tax applicable based on the period of holding.
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