Hi, me and my wife purchased a house property on the 17th of August, after taking a home loan of Rs 75 lakhs from the State Bank of India. The loan was under the combined name of me and my wife. And my wife owns a property which was gifted to her by her mother .
We want to sell this property for Rs. 45 lakhs and use the money for part payment of our housing loan. Will she have to pay tax on this amount? What tax is applicable in this case? What are the eligible deductions we can avail?
Jan. 09, 2018