Tax benefit from house loan
This query is : Resolved
31 July 2007
Hi,
I had bought a property (@ Rs. 9.25 Lakhs)in Jan-2006 by taking home loan & claimed the tax benefit (principal as well as interest amount) for the financial year April 06 to March 07.
Now I have sold the property (@ Rs. 11.25 Lakhs) on 21 july 2007.Please clarify the following :-
Q1. Do I need to refund the tax benefit of the last financial year in this current year i.e. april 07 to March 08.
Q2. Do I need to pay capital gain tax? How it will be calculated?
Q3. If a property is sold after 3 years of buying the same
a. Income tax benefit obtained in these 3 years needs to be refunded back or not ?
b. will it fall under capital gain tax if the profit earned by selling the property is invested again in another property?
Q4. Please suggest a qualified CA in Navi Mumbai, Vashi or Koperkhairane
I had bought a property (@ Rs. 9.25 Lakhs)in Jan-2006 by taking home loan & claimed the tax benefit (principal as well as interest amount) for the financial year April 06 to March 07.
Now I have sold the property (@ Rs. 11.25 Lakhs) on 21 july 2007.Please clarify the following :-
Q1. Do I need to refund the tax benefit of the last financial year in this current year i.e. april 07 to March 08.
Q2. Do I need to pay capital gain tax? How it will be calculated?
Q3. If a property is sold after 3 years of buying the same
a. Income tax benefit obtained in these 3 years needs to be refunded back or not ?
b. will it fall under capital gain tax if the profit earned by selling the property is invested again in another property?
Q4. Please suggest a qualified CA in Navi Mumbai, Vashi or Koperkhairane
31 July 2007
hi,
U need not to refund any tax benefit if u sold it in july 2007 or after 3 years. u were the owner and u borne the expenditure at that time. u calculate only capital gains for Previous year 2007-08.
i want to ask u one silly question., if u sale it in july 2007. will govt refund u the tax paid on income from house property. does it repay u if u sell it after 3 years. i hope u got it.
thank u
U need not to refund any tax benefit if u sold it in july 2007 or after 3 years. u were the owner and u borne the expenditure at that time. u calculate only capital gains for Previous year 2007-08.
i want to ask u one silly question., if u sale it in july 2007. will govt refund u the tax paid on income from house property. does it repay u if u sell it after 3 years. i hope u got it.
thank u
07 August 2007
Hi,
Kindly confirm wether I have understood the clarification properly or not :
If a house is sold after 3 year of buying the same, then there is no need to refund the tax benefit back to the Govt.
Another question :-
If I invest the sale proceed of the house sold (after 3 years of buying the same)in buying another house, do i need to pay capital gain tax?
Kindly confirm wether I have understood the clarification properly or not :
If a house is sold after 3 year of buying the same, then there is no need to refund the tax benefit back to the Govt.
Another question :-
If I invest the sale proceed of the house sold (after 3 years of buying the same)in buying another house, do i need to pay capital gain tax?
10 August 2007
IF THE ENTIRE CAPITAL GAIN AFTER INDEXATION IS REINVESTED IN ANOTHER RESIDENTIAL HOUSE THE CAP.GAIN WD BE EXEMPTED U/S.54
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