Sale of land purchased on loan
This query is : Resolved
Querist : Anonymous
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
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
07 September 2017
1 Yes you can do so.
2 Capital gain tax applicable based on the period of holding.
2 Capital gain tax applicable based on the period of holding.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Cloud service
- B2B Amendment
- Running non ac bus under contract with roadways
- GST ITC on Liquidated damages
- Conversion of Pvt Ltd Company to a LLP
- Sale of Gold ornaments
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- Forgot to update debit note in gst
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
