Selling property and repaying the loan

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GL Narayanan (Querist)
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09 November 2014 I have paid about 28 lakhs to builder in Oct 13, 10 from my savings and 18 by taking loan from bank for 5 years. So far paid 5.5 lakh to bank by way of EMI. Due to financial compulsions I have to sell this now. If I get 20 lakhs in sale of this house(remaining bank loan of app 14 lakh will be paid by purchaser) what will be IT implication ie what will be my profit on which I have to Pay tax?As I have already paid 5.5 lakhs towards this house as EMI, will this be deducted from profit?
Thanks in advance,
Narayanan

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 November 2014 irrespective of the loan amount, difference between the cost (28 lakhs) and sale price (34 lakhs) will be your profit...

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