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What are the tax implications for buying a bigger home?- Property Hotline
Posted
October 7, 2016
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46
October 7, 2016
46
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2:04Now PlayingExpert: PV Subramanyam, Home finance expert.
Question: I plan to sell my home and reinvest the money in a larger flat. I will have to borrow Rs 10 lakhs for the new home. Can I be debt free before the new home is delivered?
Answer: Yes it is a good idea. Lesser loans are always a good idea. However, I hope that your existing flat is at least 3 years old in your hands - i.e. there should be only long term capital gains and not short term capital gains. Take the specific dates and see whether the new purchase can be used to set off the cap gains. However since you are getting possession only in 2019 you might as well postpone all the action to end 2018 or 2019 so that the set off can surely be claimed.
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