Collector land
Collector land
Hi I wanted to know if buyers have to pay the fees to buy a flat in the collector land. I am planning to buy a flat in a building of collector land
7 months ago
A. Dear Client,
In general, if the land is designated as collector land, it means that it is owned by the government or the collector of the district. The collector is responsible for the administration and management of such land. When it comes to buying a flat in a building on collector land, there may be certain fees and charges applicable.
Typically, in addition to the purchase price of the flat, buyers may be required to pay certain fees and charges such as:
1. Stamp Duty: This is a fee lev ...ReadMore
Capital gain - have sold a land
I have sold a land which was jointly held by me and my wife after more than 10 years.Capital gain was around 2 lakhs.The fund was utlilized to buy a flat in the name of my unmarried major daughter.Of
8 months ago
A. Dear client,
Capital Gains Tax: When you sell a property, such as land, and make a profit, it is considered a capital gain. Capital gains are subject to tax in many countries. The tax rate and rules regarding exemptions can differ based on the country's tax laws.
Exemptions on Capital Gains: In some countries, there are provisions for capital gains tax exemptions when the gains are reinvested in certain assets, such as residential property. This is known as the "rollover relief" or "section 54 ...ReadMore
Property Tax while demolishing and reconstructing
Hi, I am demolishing my house and reconstructing it as an apartment. Should I have to pay the property tax as in previous bills, or should I change it to vacant land or land under construction and pay
9 months ago
A. Dear Client,
The demolition and restructuring or reconstruction of any property requires prior approval of the concerned Civic Authority who are also collecting authority of property tax from the Owner of the property on the assessment of the valuation of the Property following the standard rules. So, your query needs to be clarified by the concerned deptt of the Municipal Authority based on your updated information regarding the property. Any change or alteration in any property affecting prope ...ReadMore
Incorrect deduction of TDS
Why the builder is deducting 10 percent TDS on the rent(commercial shop) which i get even though the annual rent he pays me is 2lakh 20thousand, as per my understanding TDS deduction should be 5percen
1 year ago
A. Dear Client
The Indian Income Tax Act mandates that 10% TDS should be deducted on rent paid for commercial properties. However, if the annual rent paid is less than Rs 2,40,000, TDS can be deducted at 5% if the landlord provides a valid PAN. In this case, since the annual rent paid is Rs 2,20,000, TDS should have been deducted at 5%. If the landlord did not provide their PAN, the builder may have deducted TDS at 10%. It is advisable to check with the builder and provide PAN details to avoid dis ...ReadMore
Tax gain - Property selling
Property selling tax gain After selling the property.
1 year 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.
Subhashis Paul
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 year 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.
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
1 year ago
A. Dear client,
Yes, you will have to pay tax for additional capital gain. To know the exact numbers, please consult a CA.
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
1 year 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.
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
2 years 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.
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 years 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!
Vaidehi Samant
