Tax on Sell of property

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  1. Ashok Patil

    Ashok Patil New Member

    I want to know the taxes to be paid on Long Term Capital Gain by selling a house.
    It was purchased in 2008 (Possession in 2009-Dec)
    Will I have to pay the tax if If use the amount to forclose the loan of the same house and my another house.
  2. Neha Sharma

    Neha Sharma Active Member

    If there is a capital gain arising, you'll have to pay the tax.

    However, if your second house was purchased 1 years before the sale of the first house or 3 years after the sale of the 1st house, the amount invested in the second house would be exempted from levy of Capital Gains Tax
  3. Ashok Patil

    Ashok Patil New Member

    My 1st house posession is in Dec-2009 and second house posession is Aug-2010, that means I will not have to pay tax on LTCG if I use the amount to repay the house loan taken in 2010, right ?
  4. Neha Sharma

    Neha Sharma Active Member

    The 2 house should be purchased within 3 years from the SALE of 1st House
  5. Ashok Patil

    Ashok Patil New Member

    But in your previous comment you said that , if second house was purchased 1 years before the sale of the first house, then also the tax on LTCG of 1st house can be exempted., is it true ?
  6. Neha Sharma

    Neha Sharma Active Member


    In both the comments, I've written that date of sale of 1st house is to be considered

    Kindly refer this link:

    Feel free to ask in case of any other query

    RANJEET KUMAR New Member

    How to income tax online filling of salaryed.please filling itr as per example

    VAIBHAV DILIP RANE Active Member

    Sell of Residential House Property :-

    * Always in normal course, Date of Purchase / Date of Agreement is consider.
    * If sold after 1 year, LTCG on sell of House Property at prevailing rate of LTCG Tax.

    * If you want, to save the burden of LTCG Tax, than you can invest an amount greater to LTCG, in another Residential Property, within 1 year, or within 3 year, but such amount shall be kept with CG Account with Bank. You can utilise this amount only for Purchase of a Residential Property.

    * If you want to pay any Housing Loan, you can pay, but you will not get any LTCG TAX benefit.

    * Also when a Residential Property is sold "TDS" matter arises. :-
    > If consideration amount is more than 50,00,000 /- than 1% TDS should be deducted by the Purchaser.
    > It is a duty of buyer to deduct TDS, and deposit TDS in Govt A/c
    > This can be done refering tdscpc and NSDL websites.

    * Seller will get TDS tax credit benefit on LTCG Tax.

    * Always do consult, an Expert / CA, in such cases. Don't take decision on your own !!!


    my case is also similar. I purchased a flat in 2003 in which there is an o/s loan. I purchased another house in 2005 with o/s loan.
    i want to sell the flat in 2014. From the proceeds I want to close the o/s loan of the first flat and also the o/s loan of the 2nd house. Technically both does not belong to me since the loans are being serviced. Hence I have to close the loan of the flat and use the proceeds to close the loan of the 2nd house so that I become the real owner. Likewise for LTCG the loan amount of the first loan also to be considered. Please let me know whether I am correct?

    NADEEM AKHTAR New Member

    Hi Friends
    I have a question regarding capital gain
    I have an ancestor Mango Garden this property come in the municipal limit so i applied for 143 and sold it in plots in 2013 Rs. 8700000/- and from this money i purchased a agriculture land Rs. 9000000/. what would be tax on capital gain or it is exempt under section 54 as agriculture land
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