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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House loan & tax compliance
Replies (4)
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.
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.
Capital gains will arise
Hi
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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