Refund of Govt taxes on Cancelled Property
8 months ago
I purchased an under-construction property in Chennai on May 27, 2023. Unfortunately, I had to cancel the agreement. The total price, which included government taxes (GST, Stamp Duty, Registration), was divided into two parts: 1.55 crore for the villa and 14.95 lakhs for the land. According to the agreement, if I cancel within 45 days, the builder will refund the amount, excluding government taxes. Since I've canceled within the 45-day window, I'm seeking guidance on the following matters::
Can I request a refund for the government taxes? If so, could you provide information about the eligible amount and what documents are needed?
Is it possible for me to claim a capital loss in the upcoming tax years?
I think once taxes are paid are not refundable however seek the advice of Auditor or Chartered accountant or retired officials who worked in the respective departments.
You can get refund of the stamp duty. The cancellation of the agreement has to be registered as per the law for the refund to be accepted and approved. The buyer can get up to 98% of the stamp duty as a refund. The person has to attach the original registered agreement and the originally registered cancellation deed along with the refund application. The refund of GST in case of cancellation of property booking will depend on the builder of the property and the demand dynamics at that time.
The seller may refund the booking amount if a deal does not go through and gets abandoned mid-way. If GST has been collected, he may or may not agree to repay this amount, depending on whether the builder has already deposited the credit to the government.
Property dispute
father sold my share of ancestral property
Gujarat 7-12 Document Name Change Possible Old Name to New Name
property issue
Property
