Advise on sale of property

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290 Points Posted on 01 May 2013

 

 
hii  Friends 
 
I have a query..My friend is having 2 properties. One is at janakpuri & other one is at fridabad. Loan on Janakpuri property is 20 Lacs & on Fridabad property 15 Lacs .  Market Value of Fridabad Property is around 40 Lacs. Now my friend want to dispose off the fridabad property at the rate of 40 Lacs and wants to get rid off from both the Loans.

Plz Advise the same..

Thanks in advance..
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On 01 May 2013 at 15:16 Report
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live the life otherwise life leaves u...
631 Points Posted on 01 May 2013

he will have to pay LTCG (assume property is owned for more than 3 years) on 25 lakhs (indexation to be taken according to year).

further he will get deduction of Rs. 1 Lakh under 80C repayment of term loan.

@ sh jais

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On 01 May 2013 at 15:29
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290 Points Posted on 01 May 2013

Dear sh jais

 

Is there is any problem to the party from whom loan taken in repect of Jankpuri Property if full amount is paid now by sale of fridabada property...

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On 01 May 2013 at 15:46
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PRACTICING CA
2291 Points Posted on 01 May 2013

no problem to party who gave loan.It is capital receipt to the party. Interest income only can be considered.

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On 01 May 2013 at 18:48

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