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
CA R SEETHARAMAN
(Expert)
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.
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