Query on taxation for a LLP
This query is : Resolved
VALMICK GUHA
(Querist)
05 July 2022
Hi,
I plan to start a Real Estate LLP firm.
Primary aim is to buy and hold Commercial real estate for rental and capital appreciatoin.
If I am able to put the entire rental income back into real-estate, will I have to pay any taxes
e.g. if my rental income is 15lacs and I buy fractional CRE from strat-prop for the same amount, will there be a tax outgo?
If I sell a property bought under the name of the LLP, and have gain in it, and if that money too is ploughed back into buying real-estate, what would be tax outgo?
Regards,
#Valmick
I plan to start a Real Estate LLP firm.
Primary aim is to buy and hold Commercial real estate for rental and capital appreciatoin.
If I am able to put the entire rental income back into real-estate, will I have to pay any taxes
e.g. if my rental income is 15lacs and I buy fractional CRE from strat-prop for the same amount, will there be a tax outgo?
If I sell a property bought under the name of the LLP, and have gain in it, and if that money too is ploughed back into buying real-estate, what would be tax outgo?
Regards,
#Valmick
CA R SEETHARAMAN
(Expert)
05 July 2022
1 Tax payable on 15 lacs rental income.
2 Capital gains tax payable on sale of property.
No exemption for reinvstment .
2 Capital gains tax payable on sale of property.
No exemption for reinvstment .
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