I have 2 bhk house which I bought in 2012 for 34 lakhs with a home loan of 32 lakhs and after registery work n with little renovation it cost me 38 lakhs. Till date I paid interest of my loan is 11.3 lakhs and now I'm selling it in 49lakhs. Buyer will close my home loan of 30 lakhs approx and rest of the money, he will transfer in my bank account. My query is, how much tax will be imposed by government on my transaction after indexing and how can I minimise it ...
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Tax on property sale
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Your asset is a long term capital asset and hence benefit of indexation would be available. However as per Finance Act 2017 the base year has been changed from 1981 to 2001 and the new CII figures have not been released yet. Hence it is not possible to calculate Capital Gain or Loss as of now.
However if you incur capital gain you can invest the gain amount into new property by purchasing it within 2 years from the date of sale of old property or buy eligible bonds within 6 months from the date of sale.
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