Gift of property on which LTCG exemption was claimed under Section 54F
Gift of property on which LTCG exemption was claimed under Section 54F
My father sold a land property on his name and purchased a flat on his name with entire sale consideration. Now, Section 54F says he should not sell it within three year But can he gift the flat throu... (Thiruvananthapuram, Kerala)
2 months ago
A. Dear client
The particular section talks about a scenario where you’re trying to sell the property within three years and make money out of that. In this case, when your father is going to give the property to you, which means there will be no consideration which you shall be paying to your father, and therefore, there would be no transaction of money. In that case, they should be legally allowed, and there will not be any tax liability on your father.
Property selling and buying under construction property
I am planning to sell my residental property on dec 2024,which I bought it on 23 june 2023, I am planning to buy an underconstruction residental property. Will I be getting tax waive benefits, if the... (Bhubaneswar, Orissa)
2 months ago
A. Dear Client,
If the property is sold before 24 months from the date of acquisition, the gain on such transfer is termed as a short-term capital gain. Budget 2024 has proposed the following amendments effective from FY 2024-25 in respect of capital gains. A property held for less than 24 months is considered Short-Term and property held for short term shall continue to attract tax at slab rates. If total taxable income (excluding short-term capital gains) stays within Rs.2,50,000 for resident in ...ReadMore
Gift deed made to two donees, what’s LTCG implication if property sold later
Hello, If A gifts Property to B&C and they both get undivided half and then later if they both jointly decide to sell the property and buy two separate residential properties for each of them I.e... (Hyderabad, Telangana)
4 months ago
A. Dear Client,
If A transfers property to B and C as a gift and jointly owns the property in equal share, one half each, and later desire to sell the property in order to acquire two different residential immovable properties then the provisions of selling the inherited residential immovable property to reduce the burden of capital gain tax under the Income Tax Act, 1961 may be applicable. However, Section 54 is an allowance for exemptions on capital gains, where the proceeds realized from such co ...ReadMore
Vidhikarya
Purchase of flat in mysore karnataka
I purchased a flat in mysore with super builtup area 1010 sqft builder's share 2 yrs back and our buider has not yet submitted the necessary documents including CR / CC and OC and now the tax has been... (Mysore, Karnataka)
7 months ago
A. Dear Client,
If you've bought a flat and encountered issues due to unlawful construction or reconstruction without proper permissions, you should request the Builder to comply with the Order passed under Section 112C of the Karnataka Municipal Corporations Act, 1976. If the Builder fails to address the issue despite your efforts, you can take legal action.
Firstly, if the housing project is approved by RERA, the Builder can be held accountable for any deviation or deficiency in service. You ca ...ReadMore
Vidhikarya
Two buyer Two NRI Seller - how many challans
We are planning to purchase a property jointly owned by two NRI. We are two Indians. I understand, that we have to get TAN and deposit the TDS and then fill-up form 27Q. Say the total TDS is 20L. Tota... (Kolkata, West Bengal)
8 months ago
A. Dear Client,
To address concerns or seek assistance regarding real estate and property matters, it would be beneficial to engage an advocate specializing in these areas. Additionally, you could directly approach the Sub-Registrar office, as they possess expertise in property-related issues and can provide guidance and clarification on legal procedures, documentation requirements, and any other relevant matters pertaining to property transactions. Consulting both an experienced advocate and the ...ReadMore
Vidhikarya
Revenue Inspector asking Money for Approval E-Khata
Hello, We are paying the task for 2 property, one is under construction having 4th floor and another one is empty land just have boundary wall of 1 ft. Last year we paid task almost 12K, we applied ... (Bangalore, Karnataka)
9 months ago
A. Dear Client,
To apply for an e-Khata certificate through SAKALA services, follow these steps:
1. Visit the SAKALA services platform to initiate the application process.
2. Submit the necessary documents, including attested copies of the registered title deed, previous Khata, latest Encumbrance Certificate (EC), and receipts of previous property tax payments.
3. Upon submission, you will receive an acknowledgment number from SAKALA to track your application status.
4. The processing of the app ...ReadMore
Vidhikarya
TDS on immovable property purchased from local authority
If plot purchased from Local authority which is more than 50 lakh, will be under TDS deduction or will be exempted ?... (Ghaziabad, Uttar Pradesh)
10 months ago
A. Dear Client,
Section 194IA of the Income Tax Act, 1961 prescribes that a buyer of immovable property that costs more than Rs. 50 lakhs is required to deduct TDS @ 1% of the total consideration amount of the property while paying the seller and deposit it with the Government Treasury. The penalty for not paying TDS on immovable property can be up to Rs. 1 lakh under Section 271H of the I T Act. To avoid penalty, you can pay the TDS, interest amount and late payment fee as soon as you receive a t ...ReadMore
Property Tax
we have exchanged a property , the current property is of low amount. the builder is telling to pay the property gain tax. Please tell on what condition i have to pay, because earlier he didn't inform... (Patna, Bihar)
10 months ago
A. Dear Client,
Property gains tax, often referred to as capital gains tax, is typically applicable when you sell or exchange a property, and you make a profit from the transaction. The tax liability arises based on the capital gains earned. If the current property exchanged has resulted in a capital gain, you may be subject to property gains tax.
However, tax laws can vary, and exemptions or concessions may apply under certain conditions, such as if the property is held for a specified duration. ...ReadMore
Vidhikarya
Refund of TDS
I need to sell my flat of 90 lakhs. Capital gain 15 lakhs. Dealer told me deduct 90k as TDS from 90 lakhs. I do job and come under 30 percent income tax bracket. Can I get refund of TDS after filing I... (Ghaziabad, Uttar Pradesh)
10 months ago
A. Dear Client,
In the scenario you described, where you are selling your flat for 90 lakhs with a capital gain of 15 lakhs, the dealer suggests deducting 90k as TDS. Since your job income falls under the 30 percent income tax bracket, you may be eligible for a refund of the TDS after filing your Income Tax Return (ITR). When filing your ITR, ensure you include details of both your salary income and capital gains. The TDS deducted can be adjusted against your total tax liability, considering your i ...ReadMore
Vidhikarya
SRA TRANSFER FEES- MUMBAI
WHAT IS NEW SRA FLAT TRANSFER FEES 1 LAKH OR 50000 FLAT IN MULUND MUMBAI- FLAT RE- SALE AFTER 10 YARS ?... (Mumbai City, Maharashtra)
10 months ago
A. SRA Transfer Fees are same as the Stamp Duty and Registration and so you have to pay stamp duty and also the same amount to SRA for Flat Transfer. we also do the complete documentation work.
Vidhikarya
Vidhikarya
