TAX BENEFIT ON HOME LOAN CLOSED RECENTLY

Dear Kiran, 1 - You have sold the property within 2 years of purchase, hence this amounts to Short term capital gains (if any) on sale. 2 - You can claim PPI + regular EMIs in this FY 2017-18. " Your Home Loan EMI consists of Principal and Interest component. The principal component is allowed as deduction under Section 80C. However, if you sell your residential house within five years, you may have to forgo your tax benefits. The entire amount of deduction claimed under Section 80C in prior years on the amount of the principal repayment will be added to the taxable income in the year of sale of the property. Also, no income tax deductions shall be allowed in respect of repayments made during the year of sale of the property. Kindly note that this rollback is applicable only to deduction(s) claimed under Section 80C. Deductions claimed under Section 24 (b) on interest payable on your home loan will not be withdrawn. " Kindly read : https://www.relakhs.com/8-ways-you-could-lose-your-income-tax-benefits/ https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/ 3 - Yes, you can deduct expenses related to sale (like brokerage, registration fee, stamp duty etc,) Short Term Capital Gains Calculation is calculated as below: STCG = Total Sale Price – Cost of acquisition – expenses directly related to sale – cost of improvements. Kindly read : https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/