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Old September 16 2012, 07:53 PM   #1
 
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Default 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.

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Old September 19 2012, 12:18 PM   #2
 
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Anyone?
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Old September 19 2012, 12:42 PM   #3
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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
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Old September 19 2012, 03:58 PM   #4
 
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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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