Tax implications while selling a property - Indian Real Estate Forum

Amit1319 · 16-09-12

I am planning to sell a unit of 1500 sq ft:

Details are

original booking: 2200
Selling price - 5250

Brokers are asking for a cash and a cheque component. I need to understand how can i get exempt from tax in the event of making a profit. I also have another property in mind which I am planning to buy as soon as possible. Can i get a tax exemption in this case for the amount that i receive in cheque over and above the booking rate.

Thanks.

Amit1319 · 19-09-12

Anyone?

Munish Malhautra · 19-09-12

Is this UC or registered property- if UC then u will hv to pay 20% tax on gains over buy price if taken in cheque. if cash, no tax

Amit1319 · 19-09-12

HI Munish,

Thanks so much for your reply. The construction is complete and as of now registry is in progress. Assuming that registration is complete and then I sell, for any preimum received in cheque, please suggest if tax needs to be paid?
My plan is to reinvest this money asap into another property as I am planning to diversy my properties

16-09-12	#1
Amit1319 BANNED Join Date: Mar 2012 Posts: 30 Likes Received: 3 Likes Given: 0	Tax implications while selling a property I am planning to sell a unit of 1500 sq ft: Details are original booking: 2200 Selling price - 5250 Brokers are asking for a cash and a cheque component. I need to understand how can i get exempt from tax in the event of making a profit. I also have another property in mind which I am planning to buy as soon as possible. Can i get a tax exemption in this case for the amount that i receive in cheque over and above the booking rate. Thanks.

19-09-12	#3
Munish Malhautra Veteran Member Join Date: May 2010 Location: India Posts: 2,934 Likes Received: 142 Likes Given: 5 My Mood:	Is this UC or registered property- if UC then u will hv to pay 20% tax on gains over buy price if taken in cheque. if cash, no tax __________________ MM

19-09-12	#4
Amit1319 BANNED Join Date: Mar 2012 Posts: 30 Likes Received: 3 Likes Given: 0	HI Munish, Thanks so much for your reply. The construction is complete and as of now registry is in progress. Assuming that registration is complete and then I sell, for any preimum received in cheque, please suggest if tax needs to be paid? My plan is to reinvest this money asap into another property as I am planning to diversy my properties

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