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 1 month 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.

Helpful
Helpful
Share
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 6 months 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!

Helpful
Helpful
Share
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 8 months ago


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

Helpful
Helpful
Share
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 8 months 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.

Helpful
Helpful
Share
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 9 months 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

Helpful
Helpful
Share
Latest Response 9 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Other Responses
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 10 months 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

Helpful
Helpful
Share
Latest Response 10 months ago
Pardeep Kumar Dhiman  Dhiman

Pardeep Kumar Dhiman Dhiman

Other Responses
Advocate  Anik

Advocate Anik

Bangalore

Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Property Tax in Pune Property Tax in Pune

Are there any extra charges if property tax is not paid for 2-3 years

5 Response(s)

Posted 10 months ago


A. Dear Sir,
Normally, there will be no extra charges if you do not pay tax for 2-3 years. But, be sure that you pay the tax every year regularly otherwise somebody else pay the tax on your behalf and may create some documents to falsely claim your property.

Rate me Five Star*

Helpful
Helpful
Share
Other Responses
Pardeep Kumar Dhiman  Dhiman

Pardeep Kumar Dhiman Dhiman

Advocate  Anik

Advocate Anik

Bangalore

Is cash withdrawal for property purchase a problem? Is cash withdrawal for property purchase a problem?

if we need to withdraw our tax paid savings to purchase a house from our bank. so is there be any income tax concerns in it ? e.g property is worth 50 laks and I need to withdraw around 8-9 lakhs cash

4 Response(s)

Posted 10 months ago


A. Dear Sir,
Property cannot be purchased by paying cash and it will create a problem in future. You may pay all the amounts by way of Bank transfer or through cheque otherwise you will get a problem at future date but there cannot be any problem instantly.

Rate me Five Star*

Helpful
Helpful
Share
Other Responses
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Advocate  Anik

Advocate Anik

Bangalore

RTI  Vs THE PROPERT TAX NOTICE RTI Vs THE PROPERT TAX NOTICE

PROPERTY TAX NOTICE OF MORE THAN 5 YEARS

2 Response(s)

Posted 1 year ago


A. Hi,
If you have doubts regarding the notice, you can file an RTI to know more about the same. You will get information for the same. If you found this helpful, please rate us.

Helpful
Helpful
Share
Latest Response 1 year ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Other Responses
Advocate  Anik

Advocate Anik

Bangalore

Municipal corporation Municipal corporation

I purchased an NA plot size 30*40 in the year 1985, but didn't entered it in municipality and there was no kjp at that time also. But Now I went to corporation to get my plot entered.. they are askin

2 Response(s)

Posted 1 year ago


A. Hi,
You can approach the Court claiming that the development charges have no retrospective effect. We will need more details to give you other grounds of defence.
If you found this helpful, please rate us.

Helpful
Helpful
Share
Latest Response 1 year ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Other Responses
Advocate  Anik

Advocate Anik

Bangalore