Hi,
I bought a House (re-sale) on July-2007 in Hyderabad for 65 Lakhs in which 62.5 Lakhs in Loan from LICHFL. I am availing Tax Exemptions for Principal and Interest since Aug 2007 - Till Date. Now, I sought to Sale the HOUSE for gripping LOSS of 60 Lakhs in which (53.5 Lakhs in LICHFL O/S which will be paid by the BUYER). So In-Hand I get 6.5 Lakhs. Now Can you answer me few questions:
Does this avail under Capital Gain Section ?
Do I need to repay the Complete Principal and Interest Exemption availed from Income Taxback to Govt ?
Pl. help me with Tax Implications on the Sale.. I am already in HUGE LOSS with this house, so pl guide me with your interest and knowledge.
I am planning to purchase another house(valuing 40 Lakhs) in next 6 months using this 6.5 Lakhs as Down-Payment..
Thank You
Chandu