Tax on selling a house
1 year ago
I bought a new house in September 2021 on SBI home loan in a village panchayet area . If I sell this house now for a sale price of my cost price plus bank's total interest till date , will I incur any tax for this selling ?
A.Dear client,
Yes, you will have to pay tax for additional capital gain. To know the exact numbers, please consult a CA.
Yes, you will have to pay tax for additional capital gain. To know the exact numbers, please consult a CA.
Helpful
Helpful
Share
A.Dear Sir,
This qauestion is related to finance cum income tax matter and better u go to any chartered Accountant and get authenticated legal advice.
This qauestion is related to finance cum income tax matter and better u go to any chartered Accountant and get authenticated legal advice.
Helpful
Helpful
Share
A.Dear Client
What ever is the extra that you receive on top of what you had paid while buying the house will be considered as capital gain and accordingly you need to pay tax on that. For exact calculation of the tax you can get in touch with a CA.
What ever is the extra that you receive on top of what you had paid while buying the house will be considered as capital gain and accordingly you need to pay tax on that. For exact calculation of the tax you can get in touch with a CA.
Helpful
Helpful
Share
Read Related Answers
Purchase of flat in mysore karnataka
Dear Client,
Section 112C of the Karnataka Municipal Corporations Act, 1976 deals with the levy of penalty on property tax on unlawful building. According to Sec.112C(1) of the Act, whoever unlawfull...
Two buyer Two NRI Seller - how many challans
Dear Sir,
You may contact an advocate exclusively dealing in real estate and property matters. Further, you may approach directly the Sub-Registrar office who are experts in the above matter.
Revenue Inspector asking Money for Approval E-Khata
Dear Client,
You can apply for an e-Khata certificate by visiting the SAKALA services. You need to submit the required documents to obtain the e-Khata certificate online. After this, the authorities f...
TDS on immovable property purchased from local authority
Dear Client,
Section 194IA of the Income Tax Act, 1961 prescribes that a buyer of immovable property that costs more than Rs. 50 lakhs is required to deduct TDS @ 1% of the total consideration amount...
Property Tax
Dear Client,
Property gains tax, often referred to as capital gains tax, is typically applicable when you sell or exchange a property, and you make a profit from the transaction. The tax liability ari...
Find Lawyers by Location
