How much tax I need to pay for my House sell?

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  1. Gaddam

    Gaddam New Member

    Hi,

    I am a software engineer and my salary falls under 30% slab and I am availing tax benefit on Home Loan.

    I purchased a house in May 2012 for 38.4 lakhs (through bank loan) and re-innovated the house in May 2015 with extra 60.0 lakhs (24 lakhs - personal loan and 36 lakhs I kept from my pocket which I transferred from Netherlands to India, bank transactions is available for the same).
    Now I am planning to sell my house for 120 lakhs in May 2017.
    Apart from above, I have spent around 2 lakhs for home loan insurance.

    Also I am planning to purchase an another house for 75 lakhs(land with old house) + 4-5 lakhs (for registration charges) + 15-18 lakhs (for construction)
    And I want to clear off my Home Loan (25L outstanding amount) + one of the personal loan (5 L).

    After all these transactions do I need to pay any tax for selling my house? Please suggest.

    Thanks,
    Rajendra Gaddam
     
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