Hello. .. I booked a flat in an apartment about 3 years back at a price of Rs 15 lakhs for the whole flat....I payed about 14 lakhs to the builder and remaining 1 lakh at the time of possession. ....
now I have heard some people paying upto 35 lakhs for the same property..... the project is expected to complete with june 2019
my question is If I sell my Property to someone else at 35 lakhs how will I be taxed for this money....and also how to proceed for the sale... I think a tri party agreement has to be made.... please help me how to proceed...and mainly the taxation of the amount.....
I am a senior citizen
feel free to ask any questions regarding the matter
1. Yes, it will be tri-party agreement.
2. You will be liable for LTCG tax at 20%+cess, unless claimed deduction u/s. 54F or 54EC, etc.
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