Tax gain - Property selling Tax gain - Property selling

Property selling tax gain After selling the property.

2 Response(s)

Posted 1 month ago


A. Dear Sir,
The person who receives proceeds of sale is liable to pay tax to the Income Tax Department and such amount to be used to purchase another house within a certain period.

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Property tax - I have paid high property tax Property tax - I have paid high property tax

I have paid high property tax(wrong calculation)for 20 years for my 500 sq ft shop . So I want to file case. I have necessary proof for the same.

1 Response(s)

Posted 1 month ago


A. Dear Sir,
There is a limitation of three years in general for claiming refund of your property tax which was paid under wrong impression. However, there is a principle called “Nobody can enrich himself at the cost of others”. On the basis of such principle you may win the case.

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Tax on selling a house Tax on selling a house

I bought a new house in September 2021 on SBI home loan in a village panchayet area . If I sell this house now for a sale price of my cost price plus bank's total interest till date , will I inc

3 Response(s)

Posted 2 months ago


A. Dear client,
Yes, you will have to pay tax for additional capital gain. To know the exact numbers, please consult a CA.

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Property mutation not done at 2010 Property mutation not done at 2010

My family bought a flat at 2009 after a year mother passed away.Flat was in her name... property mutation was not done and we didnt pay taxes till now....online payment dosent show or house...now as i

2 Response(s)

Posted 3 months ago


A. Dear Client
There will be no problem for not mutating the property when you try to get the property transferred to your name legally following the due legal process.

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Section SEC 194-IA / FORM-16B related to property purchase Section SEC 194-IA / FORM-16B related to property purchase

For a ready-to-move-in apartment unit (1 year old), the Seller wish to sell his flat (currently, living in the same Apartment). Seller has paid TDS for this Property already. All legal set of property

1 Response(s)

Posted 9 months ago


A. Dear Sir,
Please consult Auditor or chartered accountant who are the experts to advice you on the matters relating to finance. The Advocate may not give expert advise on the matter.

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Planning to buy  NRI apartment with SPA execution Planning to buy NRI apartment with SPA execution

Planning to buy apparent which is holder of NRI ( As of now in UK ) more than 6 years he is staying out of india. This NRI will give SPA to his father so that he will register/sell the property. 1) T

2 Response(s)

Posted 1 year ago


A. Dear Client,
It's best if you get an opinion on this TDS-related component from a trained chartered accountant or a banking specialist, as they're better placed to do so. Hope this clarifies your query.
Thank you!

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Other Responses
Vaidehi  Samant

Vaidehi Samant

Capital gain exemption while selling a flat and repaying the loan for another house? Capital gain exemption while selling a flat and repaying the loan for another house?

I am purchasing a house with bank loan. After registration of this house, I will sell my other house and make repayment to the bank. In this case can I claim capital gain exemption? Thank you.

2 Response(s)

Posted 1 year ago


A. Dear Sir,
You may contact any chartered accountant for accurate information and guidance as it pertains to financial matter.

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Sale of one house and pay for home loan on other house Sale of one house and pay for home loan on other house

Sir, I have a house 300sq ft purchased in July 2013 for 16lakhs in name of my mother (registered owner) and a loan under my name. I am paying home loan since then. I purchased another house 800sqFt in

1 Response(s)

Posted 1 year ago


A. I think yes you will not have to pay any tax on that amount as it is used in paying the loan amount for the other house and this act is same as reinvesting the funds in property. The capital gain tax should not be applicable here but to be 100% sure I would suggest once you consult a CA.

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Tax on agricultural land Tax on agricultural land

The land has approximately value of 90lakhs and it is divided in 6 people on selling the land do a individual come under any kind of taxation

2 Response(s)

Posted 1 year ago


A. Hi,
Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961. Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
Please rate my answer
Thank You

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Latest Response 1 year ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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Advocate  Anik

Advocate Anik

Bangalore

Pending property tax from transferor(previous owner) Pending property tax from transferor(previous owner)

Hi All, I purchased my first flat in April 2019. I got the property tax receipt this month(July 2021) from corporation for the period October 2016 to 2020-2021. The pending tax was from October 201

5 Response(s)

Posted 1 year ago


A. Kya aap ke dawara flate lete time jo sale deed likha gya tha usme aisi koi baat likhi gai thi ki bakaya tax aap hi jama karega ya phir landlord jama karega.
Agar aisa likha hai ki bakaya tax land lord jama karega tab aap ek application vibhag ko sari baate likhte hue bheje ki is tax ko purane land lord se vashul kiya jae.
Jab aap property ko dekh rahe the tab aap ki duty thi ki aap uske baare me sahi jaankari prapt kare.
Phir bhi aap vibhag se contact kare or unko apni problems share kare ki ...ReadMore

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Latest Response 1 year ago
Pardeep Kumar Dhiman  Dhiman

Pardeep Kumar Dhiman Dhiman

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Advocate  Anik

Advocate Anik

Bangalore

Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal