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 years ago
A. Dear Sir,
You may contact any chartered accountant for accurate information and guidance as it pertains to financial matter.
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
2 years 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.
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 years 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.
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Ayantika Mondal @ Prime Legal
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
2 years 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
Pardeep Kumar Dhiman Dhiman
Property Tax in Pune
Are there any extra charges if property tax is not paid for 2-3 years
2 years 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.
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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
2 years 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.
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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.
Ayantika Mondal @ Prime Legal
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
3 years 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.
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Ayantika Mondal @ Prime Legal
OBC Non Creamy Layer
I want to apply under OBC non creamy layer and want to know about my eligibility for the same. 1) Service Criteria My mother is a homemaker and my father became Class A Officer after the age of 40 y
3 years ago
A. Hi,
In order to qualify as an OBC non-creamy layer candidate, the applicant’s parents’ annual income should be less than Rs. 8 lakhs. Salary and agricultural income are not to be considered as income for calculating annual income for creamy layer status.
Ayantika Mondal @ Prime Legal
Cidco transfer
Hello, Mr A sold a flat to Mr B in year 1994. Mr B sold the flat to Mr. C in 2000. Mr C died in 2011 and through will it was transferred to Mr. D. The name transfer to Mr D was done in 2011 and probat
3 years ago
A. hello,
please provide more details on this issue to serve you. the facts are missing.
Ayantika Mondal @ Prime Legal
