Property Taxation

#1
I have home loan on 2 yrs. old property which i have to sell and buy a new property.will there be any income tax debit for selling of the old property. i will be investing whole gain in new property.
 
#2
I have home loan on 2 yrs. old property which i have to sell and buy a new property.will there be any income tax debit for selling of the old property. i will be investing whole gain in new property.
Good query. Can someone please answer it ? Even I would like an answer to this.
 

pakatil

Well-Known Member
#4
AFAIK,...

Any house property should have been owned for 3 Years to qualify for exemption in Short Term Capital Gains. For Loaned Property it is 4 Years.

Any thing less than this is levied Tax at 30% ( Highest Slab).

Any way a CA or IT Practitioner can tell more precisely. I am neither........:D
 

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