Results for #offer
Legal
#land#mumbai#sell#property#builder
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property. You could utilise the sale proceeds received from the Builder to acquire another residential property within a period of 1 year from the date of the sale to minimise and/or avoid capital gains payment.
Taxes & Duties
#flat#offer#taxable#taxes#sell
I bought a flat in Coimbatore for 11 lakhs in 2007.Now, I have an offer of Rs 21 lakhs for the flat. Is the difference amount taxable? If yes then what would be the taxes I would have to pay? I wouldn't be willing to sell it if the taxes are too high. Please advice me as soon as possible, thanks.
I bought a flat in Coimbatore for 11 lakhs in 2007.Now, I have an offer of Rs 21 lakhs for the flat. Is the difference amount taxable? If yes then what would be the taxes I would have to pay? I wouldn't be willing to sell it if the taxes are too high. Please advice me as soon as possible, thanks.
Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the property is held by you for a period more than 24 months than the same will be long term else short term. Assuming that the sale w...
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Bank Finance
#banks#offer#loans
Is there a moratorium period banks offer for the repayment of home loans? If yes, what is it?
Is there a moratorium period banks offer for the repayment of home loans? If yes, what is it?
Answered on November 08, 2017
Moratorium could be offered to a borrower, however it is subject to the papers and the relationship the borrower normally shares with the lending institution. There are multiple factors that decide the term of moratorium offered by a bank
