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House loan & tax compliance

20 May 2021

I took loan and avail deduction of house loan

after benefit of availing deduction is completed and now I sold that property

what is the tax complication ?

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4 Replies

Sivaramaraju G (Learner) (2398 Points)
Replied 20 May 2021

Capital Gain will be applicable and taxed at 20%. as you are saying you sold house property if you again invest in house property you can avail deduction from capital gain.

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veerendar singh (tax consultant) (3301 Points)
Replied 20 May 2021

If you sold the house within t years then all such benefits of home loan repayment will have to be reveraed by adding it to your income.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 20 May 2021

Capital gains will arise

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 20 May 2021

There is no tax liability arising due to the interest benefit you had taken. how ever capital gain Tax (Long Term or Short Term ) can be there. depending upon time, sale and purchase value involved

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