Results for #transaction
Taxes & Duties
#sell#flat#city#capital#implications
I bought an apartment seven years ago jointly with my husband. Now if I sell this flat and buy another flat in the same city itself, what are the capital gains implications on this transaction?
I bought an apartment seven years ago jointly with my husband. Now if I sell this flat and buy another flat in the same city itself, what are the capital gains implications on this transaction?
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Answered on November 08, 2017
There would be no capital gain tax if you sell the old residential flat and buy another residential flat as the capital gains can be claimed exempt u/s. 54 of the Income Tax Act. The exemption will be to the extent of investment in the new residential flat or the long term capital gains arising on sale of old flat, whichever is lower. If the investment is lower than the long term capital gains,...
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Taxes & Duties
#flat#under-construction#property#landlord#builder
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
Answered on November 08, 2017
Yes, the provision of section 194IA of the Income Tax Act will be applicable in this case and accordingly if the consideration to be paid is 50 lakhs or above then TDS @ 1% is required to be deducted.
Taxes & Duties
#flat#possession#sell#capital#transaction
I purchased a flat in 2004, and another one which I will get possession of in the first quarter of 2015. I will move from the old flat to the new flat once it is ready, and then sell the old flat. I would like to minimize the capital gains tax on this transaction. How do I time the two transactions to do so?
I purchased a flat in 2004, and another one which I will get possession of in the first quarter of 2015. I will move from the old flat to the new flat once it is ready, and then sell the old flat. I would like to minimize the capital gains tax on this transaction. How do I time the two transactions to do so?
Answered on November 08, 2017
If you invest the capital gain arising from the sale of residential flat in another residential flat then the provision of section 54 of Income Tax Act shall apply (i.e selling of one residential property and purchasing another residential property within within 1 year before or 2 years after the due date of transfer of the Property sold or construct a residential house property within a period...
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Taxes & Duties
#agreement#registered#taxes#transactions
I sold my old house for 19 lakhs for which the sale agreement was done in April 2012 and registered in September 2012. In October 2012, I bought a new house for 25 lakhs. Do I have to pay taxes on any of these transactions?
I sold my old house for 19 lakhs for which the sale agreement was done in April 2012 and registered in September 2012. In October 2012, I bought a new house for 25 lakhs. Do I have to pay taxes on any of these transactions?
Answered on November 08, 2017
It seems that your case very well fits within the provisions of section 54 of Income Tax Act i.e selling one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act. Thus there will be no capital gain tax liability and you need not pay any taxes. Further the new residential property so purchased should be held by you su...
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Legal
#mandatory#register#documents#property#transactions
I wanted to know if it mandatory to register all the documents related to property transactions?
I wanted to know if it mandatory to register all the documents related to property transactions?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Any document purporting to immoable property above Rs. 100/- is required to be compulsorily registered in accordance with the provisions of the Registration Act, 1908.
Taxes & Duties
#construction#property#mumbai#allotted#builder
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
Answered on November 08, 2017
VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Legal
#transfer#resale#society#charge#charges
Is it legal for a society to charge transfer charges on a re-sale transaction of a flat?
Is it legal for a society to charge transfer charges on a re-sale transaction of a flat?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Society can charge a sum of Rs.25,000/- for transfer of membership, beyond that the same is not permissible .
Purchase & Sales
#token#buyer#cheque#transaction#money
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
Answered on November 08, 2017
It will all depend on the terms and conditions mentioned in the letter of allotment and/or agreement
