I am going to buy House property in chennai which costs RS.1 crore.For which I am going to take housing loan of 20 Lakhs .Also I will sell residential land for 30 Lakhs.I want to know TDS to be deducted for 1. Pur of house property at what rate 2. Sale of residential land at what rate 3. How to treat housing loan when filing ITR?
Replies (4)
Guest
1. If you are buying property from a resident, deduct TDS @ 1%
2. If the land sold is a long term asset, you can claim deduction u/s 54F. provided on the date of transfer you do not own more than one residential house property.
3. I am assuming you are buying ready house. In that case. You can claim the principal on repayment of housing loan u/s 80C upto 1.5 lakh and interest u/s 24b as deduction
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