Sale of property tax
This query is : Resolved
10 April 2019
Dear Sir
I have purchase a flat in the year 2012 with Rs.600000/- and now I want to sell the same at Rs.4600000/-
But the flat was mortgaged with bank ( I have taken education loan from Bank for my child)
My Query is if i pay the bank loan from profit of sale of property is taxable in my hand or not.
Please help me
I have purchase a flat in the year 2012 with Rs.600000/- and now I want to sell the same at Rs.4600000/-
But the flat was mortgaged with bank ( I have taken education loan from Bank for my child)
My Query is if i pay the bank loan from profit of sale of property is taxable in my hand or not.
Please help me
10 April 2019
Repayment of loan will not reduce your tax liability.
KAVIRAJA ADDANGADI
(Expert)
12 April 2019
Loan repayment is not reduce your capital gains burden
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