I intend to sell a property, while doing so I would like to do all transactions in white. I think it will be difficult to find a buyer who is ready to make all payments via cheques. Also is it legally possible to have a transaction which is at a premium above the circle rate but still get the registry done on the circle rate, this is the second roadblock that I may have as buyer may not be ready to take the hit in terms of higher stamp duty. Can anyone please suggest the way out? How should I look for a potential buyer? What are other probelms I can face and their possible solution?
Menu
Avoid real state transactions in cash
Replies (3)
Circle rateor Actual consideration which ever is Higher will be taken as your Consideration for Capital Gains
Yes for calculating capital gains but what about for stamp duty? Can the registration of property be done on circle rates while the acutal consideration is higher?
Same will be applicable for Stamp Duty. Which ever is Higher will be considered. See Stamp Duty Act / Rules of Your State & If you are from AP then see AP Stamp Duty Act & Rules. For other states there should be similar Acts & Rules of the State. & as for Income tax Provision is concerned for Capital gaing see Sec 50C
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
