The property can be bought by you and whe you sell rge property a capital gains tax would be attracted. You can avoid it by again investing in a property.

You have to hold property for period of 2 years then it would attract long term capital gains when you sell the property 

2) capital gains can be reinvested in purchase of another property 

3)it should be noted that the new house should be purchased within one year before or two years after the date of transfer. In case of construction, the new house should be constructed within three years from the date of transfer.

- As per Section 54 & 54 F  of the Income Tax Act, you can re-invest the long term capital gains amount in residential house property and claim an exemption therein.

- Further , no tax shall be paid , if you use the entire gain to buy another house within 2 years from the selling of your old property .

- Hence, if you sell this property , the the amount will be considered as capital gains . 

Further, you can claim exemption on investment in two houses if the capital gain does not exceed Rs. 2 crore, and this benefit you can gain one in your life time. 

Yes you will incur capital gains tax in the above case. Yes you can show the payment against home loan

Your tax liability on a property sale will depend on how long you have held it. If you are selling a property that you have owned for more than two years, then you will incur a long term capital gains tax. For a property owned for less than two years, you must pay short term capital gains tax. The tax rates are as follows:

• Long-term capital gains are taxed at 20%
• Short-term capital gains are taxed as per your income slab

Capital gains is the difference between your acquisition price and your sale price minus any expenses you may have incurred in making the sale (brokerage, stamp duty, registration charges, etc.).

Tax deducted at source (TDS)*

When a resident buys property from an NRI, she/he must deduct TDS at 20% if the property has been held for more than two years and at 30% if the property is being sold within two years. The deduction must include TDS plus surcharge, health and education cess.

Ready reckoner for LTCG TDS rates

• Properties valued less than INR 50 lakh: Total tax 20.8% (including surcharge and cess)
• Properties valued between INR 50 lakh and INR 1 crore: Total tax 22.88%
• Properties valued above INR 1 crore: Total tax 23.92%

W.e.f. FY 2018-19,  the finance ministry has announced a higher surcharge on properties valued above INR 2 crore. The applicable LTCG TDS rates are 25% and 37% for properties valued above INR 2 crore and INR 5 crore respectively.

TDS at a lower rate

If tax deducted at source is more than your tax liability, then you can opt for a tax refund at the end of the year for the excess TDS. However, if you wish to avoid this cumbersome process, you can apply for a certificate that allows you to file for a lower TDS rate per year. Please note that you must apply before you execute the sale agreement. The assessing officer will determine the TDS after calculating the capital gains. This will put the money in your hands instantly instead of waiting for a refund.

Tax exemption

Capital gains made through the sale of a property can be reinvested in India to reduce tax liabilities. If you invest the capital gains in buying another property within two years, then the profit generated from the sale is exempted from tax. Similarly, under section 54EC, you can invest the profit from the sale of property in Capital Gains Bonds within six months to get an exemption. These bonds offer an interest rate of around 5.75% p.a.* and have a lock-in of five years.

Any sale of a immovable property is subject to tax under the income tax act.

Regards

Why should you register the newly constructed property if you have already obtained proper approval for the construction from the competent authority.

The vacant land on which you raised this construction or the structure has already been registered on your name  and you are in possession of the registered title deed on your name, hence yo need not have to register the completed building once again ion yor name.

The tax implications would be known to you at the time of selling the proeprty that whether this falls under LTCG or STCG.

What is the loan payment doing with the payment applicability of the payable tax.

1. You have to pay capital gain tax (Long term or short term) based on the time period you sale the property. 

2. Cost of purchase and indexation shall be adjusted in calculating capital gain tax.

Dear Sir,

The tax implications will be as per the duration after which the property is sold and the conditions of the Short term capital gain or long term capital gain etc. The said home loan will be also considered duly. 

1. Capital gain bonds in 180 days from the date of sale deed.

2. If you buy a new flat in 12 months from the date of sale deed.

3. If you construct the resd house during the 3 years from the date of sale deed.

If you does anything of the above and invest entire proceeds then you need not have to pay any long term capital gain tax on the sale of your "only house".

Otherwise you need to pay the tax on the following

Sale price of the house -

Indexed cost of acquisition (including regn charges) = Long term capital gain

You can show the home loan payment against the tax applicable on sale of that property 

If you will sell in 3 years, short term capital gain which is 15% of profit after deduction of loan amount.

After 3 years, Long term capitol gain, 20%. LTCG can be saved.

You need to pay long term capital gain On proifts if you hold the  property for more than 3 years otherwise you need to pay short term tax.

No home loan payment cannot be exempted from capital gain tax.