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Property tax
3 years ago
4 yrs back we sold property and purchased new one & took bank loan also. Now to repay bank loan we sold our another property. Can repayment of loan be added in the value of first property and loan amount be deducted from the sale value & after that capital gain be calculated. 2ndly can we keep the sale amount with us and invest only gain on purchase of res.plot?
A.I have gone through your query in detail.
1) Sorry to say but you have not given us the clear picture of what actually you sold 4 years back & for How much? and what your purchase the new one and how much loan you have taken for the new purchase property.,.
2) And now you are again saying that to repay the bank loan …We sold our another property which means was this the third property that you sold to pay the bank loan so how much was the bank loan...
3) The bank loan amount cannot be added to capital gain ….as capital gain is calculated only the difference between property selling in the difference of profit amount...
4) It is better to make the property agreement of less value so as that you can save on capital gains on the balance amount you can take in cash and invest wisely as capital gain amount is almost 30% of the profit gained from the sale of property.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
1) Sorry to say but you have not given us the clear picture of what actually you sold 4 years back & for How much? and what your purchase the new one and how much loan you have taken for the new purchase property.,.
2) And now you are again saying that to repay the bank loan …We sold our another property which means was this the third property that you sold to pay the bank loan so how much was the bank loan...
3) The bank loan amount cannot be added to capital gain ….as capital gain is calculated only the difference between property selling in the difference of profit amount...
4) It is better to make the property agreement of less value so as that you can save on capital gains on the balance amount you can take in cash and invest wisely as capital gain amount is almost 30% of the profit gained from the sale of property.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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