is there any income tax on sale of house?



I have only one house which i am residing. I am selling my house because of financial problems. I like to know any income tax need to be paid on the sale of house.
I have only one house which i am residingin India. I am selling my house because of financial problems. I like to know any income tax need to be paid on the sale of house.

is there any income tax on sale of house?
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8 Replies to “is there any income tax on sale of house?”


  1. I believe you can sell one primary residence in your lifetime without income tax. Better check with a tax preparer to be sure.


  2. Irrespective of the house being you only house,sale proceeds from it will add up to your income in that year,one way to get around it would be deposit that amount in a seperate Capital gains account & use that money to invest in another house,the period of time u can hold that money in CG account can be better advised by a auditor.


  3. In the United States, if you have a profit on the sale of your house you may have a captial gains tax expense. Up to $ 250K for single or $ 500K for couple is excluded.


  4. Yes on the same required same you are required to pay capital gain tax. for computing the Capital gain you are suppose to deduct Indexed cost of acquisition. The same is calculated by multiplying the cost of house by index value of the year of sale divided by index value of the year of acquisition.

    The tax rate is 20% + education cess.


  5. Whatever money you receive in white should be re-invested back into real estate within one year. Or else you have to pay CAPITAL GAIN TAX.







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