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Capital Loss on Sale of House

Mr. Mehta  bought a house worth Rs 10 lakh (10,00,000) in Financial Year 2007-08. He sells the house in Jul 2012-13 for Rs 15 lakh( 15,00,000) . Under the Indian Income Tax Act profit/loss sale of asset such as bonds, shares, mutual fund units, property come under the...

On Selling a house

Tax implications on selling a property. Like most other earnings when you sell your house, you are liable to pay tax. As explained in our article  Basics of Capital Gains, Gains which arise from the transfer of capital assets,such as Debt Mutual Fund, Gold,  are...
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