Sale of one house and pay for home loan on other house
2 years ago
Sir, I have a house 300sq ft purchased in July 2013 for 16lakhs in name of my mother (registered owner) and a loan under my name. I am paying home loan since then. I purchased another house 800sqFt in June 2019 for 40 lakhs in my name and my mother's (both registered owners) and home loan also paid my me.
--- Devendra
I am paying both home loans alone. Now, in Oct 2021 I want to sell first property 300 sqFt and pay for the home loan of 2nd property and reduce the loan amount.
How can I save property tax ? If selling amount is invested in loan payment will it be tax relaxed.
A.I think yes you will not have to pay any tax on that amount as it is used in paying the loan amount for the other house and this act is same as reinvesting the funds in property. The capital gain tax should not be applicable here but to be 100% sure I would suggest once you consult a CA.
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