Selling property within 3 years of possessions, taxes to be repaid?

Hi, We have got possession of our house in June 2013 and are planning to sell it in October 2015, do we have to repay all the tax benefits we have got till now by way of home loan. Are there any other taxes like capital gains tax we need to be aware of. Thanks

Answers (2)

268 votes

You may not be required to repay the tax benefits that you would have availed by way of home loan. The Income tax Act, 1961 does not stipulate that. However, capital gains may be payable. to compute that, one will have to ascertain details such as date of entering the agreement, instalments paid etc.

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163 votes

Thank you for your query.

Your question is quite vague at this juncture. We require more information to understand the possible tax consequences.

The possible tax liability purports to Capital Gains Tax however we can save provided we reinvest the entire proceeds in another property immediately.

Should you have any further questions, please feel free to contact us.

Sincerely yours,

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