Selling property and repaying the loan
This query is : Resolved
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
Thanks in advance,
Narayanan
09 November 2014
irrespective of the loan amount, difference between the cost (28 lakhs) and sale price (34 lakhs) will be your profit...
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
- Supply through E-commerce Operators
- Relief u/s Section 89
- Rent lease agreement
- REGARDING GST LIABILITY/....
- Tax liability on income of freelancer
- Merchant Export Accounting
- REGARDING SECTION 44AE
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- GST Registration Horse racing
- Sales return eway bill
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
