Repayment of home loan
ONKAR KUSHTE (STUDENT) (23 Points)
29 February 2020
if a person sell of land and repay his entire home loan. what treatment is in income tax.
ONKAR KUSHTE (STUDENT) (23 Points)
29 February 2020
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 29 February 2020
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 30 March 2020
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/-
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 30 March 2020
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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