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
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taxation of non registered property
Replies (5)
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.
but sir I haven't registered the property in my name nor have I received possession certificate from builder in my name since the flat is not yet handed over to anyone... I only have a court agreement for the aforesaid flat.....
will it still be treated as ltcg since I haven't registered it in my name yet
thanks for your reply
will it still be treated as ltcg since I haven't registered it in my name yet
thanks for your reply
Yes, it will be long term capital gain over "Rights acquired in Immovable Property" which is treated as an asset.
thanx a lot sir ......god bless
thank you and congratulations
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