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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jun 23, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Jun 02, 2023Hindi

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If I sell one flat and use the full amount to repay loan running on another flat, is there any tax implications ? Pls advise. Thanks

Ans: sale proceeds to repay home loan on other flat is an application of income. The payment of home loan will not attract any tax. The capital gain tax calculation has to be done on the first flat only as per the applicable provisions of the capital gain. The repayment on other home loan is not taxable, if made out of sale proceeds of first flat.

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 a flat 13 years old which I want to sell and repay the loan on plot. Will I get the benefit of capital gains tax if I close the plot loan

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I have purchased a flat in 2010 for Rs25,00,000 and have received possession in December 2024. I have purchased another flat in 2012 for 90,00,000 but didn't get the possession yet. Have availed bank loan and 90% of the payment was done by 2015. Now can I sell my earlier flat and use the capital gains to pay the home loan of the second flat. Will it be exempt from Long Term Capital gains tax?

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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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