Tax on capital gain on sale of property.
This query is : Resolved
07 September 2016
My query on is tax arising on capital gain by the seller of property is payable by the buyer of the property? I am planning to buy a residential land on a price but the seller is asking I need to pay income tax for capital gain @ 30.90% is correct? However I am not agreed to pay.
07 September 2016
Dear
There is no such law that the buyer is required to pay tax on capital gain.
Under income tax act the seller is liable to pay tax.
As a buyer there is no obligation on you to pay tax.
There is no such law that the buyer is required to pay tax on capital gain.
Under income tax act the seller is liable to pay tax.
As a buyer there is no obligation on you to pay tax.
07 September 2016
Thank you Ankur for clarification of Income tax arising out of capital gain is liability of the seller.
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