House Property - Tax

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  1. pashrith

    pashrith New Member

    Dear Sir,

    In December 14, me and my wife jointly, we took a loan to buy our second property. (75L). the property value was 94L,

    We both had bought our first house flat in the year 2007, for 19L , In march 2015, we sold the our flat for 40L, i recieved a cheque from the buyer for Rs 10L and from his housing loan bank 30L.

    I had opened an joint account and the above amount recieved by selling the flat has been deposited.

    In the month of March 2015, i have repaid 20 L to my bank against housing loan which i took for the purchase of my home in Dec 2014.

    Now i want to know whether i need to pay property gain tax for selling my flat, i am in total confusion.

    Also i have an question wrt housing loan interst.
    We both are working in private company and come under 30 % tax bracket.

    Can we both claim tax exemption of Rs 2,00,000 /- each on housing loan interest or should we claim 1,00,000 each.

    Our loan amount is also being paid by joint account and property is jointly owned.

    Prasanna Ashrith
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. As the new house was purchased within the limit of 1 year before the sale of the old flat - therefore you can claim exemption under Section 54 and no tax would be applicable in your case.
    2. Rs. 2,00,000 each is allowed as deduction for interest to you as well as to your wife. Therefore, the total deduction would be Rs. 4 Lakhs.
  3. pashrith

    pashrith New Member

    Thank you very much Gaurav,

    Any other suggestions.
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