I purchased a property in 2013 and sold it in 2018 due to loss in business. Now i stay on a rent of Rs. 25000. If i don’t purchase house before 2021 i will have to pay 5 lakh as income or property gain tax to govt. as according to govt. the price of property has increased a lot during2013 to 2018.Due to debt i sold my property but govt. wants tax on that as well. So to save my hard earned money can i take home loan as I don’t have 80 lakh to purchase house and nobody will help me with this big amount. Please guide me how can i save my hard earned money from. Govt. Jazakallah Zeeshan
Ref. No. 1075/41-269
In the name of Allah the most Gracious the most Merciful
The answer to your question is as follows:
In the above mentioned case, you can take home loan, however you have to repay the loan at earliest to avoid more interest. You should know that taking home loan is not recommended in shariah.
And Allah knows best
Darul Uloom Waqf Deoband
This answer was collected from the official website of Darul Uloom Deoband Waqf. The institution is based in India and the answers are provided in accordance to the Hanafi Fiqh.