Tax liability

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  1. Sonikasteel

    Sonikasteel New Member

    I have query regarding tax liability. I have purchased a plot in 2.5 lakhs in 2003 and constructed flat in 2014, incurred cost is Rs 45 lakhs. I have a loan of 35 lakhs from Bank. I am repaying it and also taken Tax benefits against home loan principle and interest paid. Now to reduce load of loan I want to half part of my flat @ 20 to 25 lakhs. What will be my tax liability in this case and how should I proceed for it. What other taxes I have to pay.
    Please guide me on this issue.
    Thanks and regards
    mail id _ [email protected]
  2. ZED

    ZED Well-Known Member

    As per the provisions of S.80C, if the property in respect of which the principal amount of loan was claimed as deduction is sold or otherwise transferred within 5 years then those deduction will be reversed.

    Further in this case, the period of holding of flat is less than 3 years. I advice you hold this flat for atleast 3 years otherwise you will not be able to get any exemption benefit for selling the flat and all the gain shall be taxable at the slab rate.
    If the flat is sold after 3 years then there are some options to save the tax.

    You may contact me through mail for other queries.
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