Profit of one property can be settled against 2nd property

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26 Points Posted on 22 July 2014

Hi,

      I have two properties....Property 1 is 100% owned by me and i am planning to sell that. Property 2 is co-borrowed and co-own by me/my wife/my father.

     Questions i have:

1. If i sell 1st property and profit that i get from that, can i pre-pay loan amount of 2nd property?

2. What is my income tax liablitiy from 1st home ( bough before 5 yrs)?

Thanks in advance.

Thanks

Kunal.

 

 

 

 

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On 22 July 2014 at 18:50 Report
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Student as well as Self-employed
3853 Points Posted on 22 July 2014
1. profit from sale can be used to repay loan, deduction of 24b and 80c will be available to you accordingly...... 2. ltcg @ 20% will be applicable if capital gains are not invested for claiming exemption u/s 54 or 54f.
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On 22 July 2014 at 20:33

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