House loan & tax compliance

If you've sold a property after claiming house loan tax deductions, you may face capital gains tax. The rate is typically 20%. If you reinvest in another property, you might be able to offset this gain. However, if the property was sold within a specific timeframe, previous tax benefits might need to be reversed and added to your income. There's no tax on the interest benefit itself, but capital gains tax is a consideration based on sale price and time held.