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Repayment of home loan


ONKAR KUSHTE (STUDENT)     29 February 2020

ONKAR KUSHTE
STUDENT 
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if a person sell of land and repay his entire home loan. what treatment is in income tax.

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Eswar Reddy S (CFO- at NHTF)     29 February 2020

Eswar Reddy S
CFO- at NHTF 
 139 likes  2952 points

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You need to pay income tax on sale of land.


housing loan:
principal portion maximum upto 150000/- under 80c
interest portion maximum upto 2lacs exemption available

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CA SUDESH KUMAR GUPTA (Chartered Accountants)     30 March 2020

CA SUDESH KUMAR GUPTA
Chartered Accountants 
 103 likes  1372 points

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You need to pay Capital Gain tax on profit portion of upon sale of land.  gain can be short term or long term.  

if there is no gain than no need to pay tax. 

however on repaying housing loan you will get following deductions / Exemptions under IT Act 1961.

u/s 80C  : principal portion maximum upto 1,50,000/-

u/s 24 b : interest portion maximum upto 2,00,000/-

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Spurto Consultancy Services (Consultant)     30 March 2020

Spurto Consultancy Services
Consultant 
 60 likes  1124 points

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Capital Gain tax have to be paid on sale of Land. 

Further, you will get deduction u/s 80C for repayment if housing loan. 

Principal  amount upto Rs. ,1,50,000 exempted 


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