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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Dec 20, 2022

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Somaskandan on Dec 20, 2022Hindi

Money

I request you to clarify the following point.

I am having a housing loan with an outstanding principal amount of Rs 10 lakh (The flat where I am presently residing. Housing loan was taken during the year 2017). I got capital gain by means of sale of other flat to the tune of around Rs 80 lakh. By repaying the outstanding housing loan of Rs 10 lakh can I save myself from paying capital gains tax?

Ans: Repayment of housing loan is allowed as deduction in two parts. First repayment of principal can be claimed u/s 80C (up to 1.5 lakh) and second payment of interest which can be claimed as deduction. Interest deduction is allowed subject to certain limits depending on the fact that house property is used for self-occupation or given on rent.

In addition to that you can save tax on capital gain by investing in another house property or you can acquire specified bonds, if you fulfill other specified conditions.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have purchased flat in 2018, took mortgage loan in 2019. If i sell my flat and repay my house mortgage loan on same property, do I have to pay long term capital gain tax.

Ans: Hello Laxman,

As a tax advisor, I can confirm that if you sell your flat and use the proceeds to repay your mortgage loan on the same property, you will still be liable to pay long term capital gains tax.

The calculation of long term capital gain tax will depend on various factors, such as the purchase price of the flat, the sale price, and any deductions you can claim, such as the cost of improvements or repairs you made to the property.

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Asked by Anonymous - Feb 09, 2024Hindi

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If i purchase a flat and take home loan for it. After 1 year i sell my old property and repay the whole home loan. In such a case will long term capital gains tax be applicable or not?

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Sir , Recently I have sold one house registered in my name. I have got 1 cr from the transaction. Now i have got one running home loan of around 70 lakhs. Suppose if i repay the existing home loan from the amount obtained , whether i can save capital gain tax. or if i purchase one plot using some part of the amount (for eg: 30 lakhs) , how much capital gain tax i have to pay. The house which i have sild purchased for 7.5 lakhs in 2003. Kindly enlighten me regarding this

Ans: Please note that capital gains exemption is available only upon acquisition of a new residential house property (if the same is within the time limit).

Purchasing a plot will not help in saving capital gains tax.

When did you acquire the house where you have the home loan running needs to be considered? Please let me know that to answer this question appropriately.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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