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Income tax on house property
My husband has purchased a house in 2012 for RS.13.75 lakhsn it is self occupied from past five years... now we have sold it for Rs.18.50 lakhs....we have loan of RS.9.5 lakhs still pending.....the profit of Rs.4.25 lakhs is profit...how much tax we have to pay?? n wat is option to exempt from d tax??we r planning of buying any house....plz guide us..
Replies (5)
if you sell in p.y 2017-2018 you will get long term capital loss.
profit how u got
4.25 lakhs profit how u got
if u are purchasing house in there will be exemption from capital gain.
If you have purchased it in Financial Year 2012-13 at Rs 13.75 Lakh and sold it in F.Y 2017-18. Its indexed cost would be 18.70 (13.75*272/200).
You have sold it for 18.50. Hence, no profit.
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