I am willing to sell my one property in 48 lakhs(Navi mumbai) and going to purchase another roam for 59 lakhs (Mumbai).

For selling property of 48 lakhs I am finding most of the customer with white money.But another property which I am going to purchase of 59 lakhs required some amount in black (35 lakhs in white and rest 24 in black).

I am also going to take bank loan of 15 lakhs for purchase of new flat (59 lakhs).

Please guide us how to proceed. How should transaction and paper works should done with black & white and levy away from tax.

Please help and guide me in understanding with suitable and easy example.
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  • can understand your lang

    Cant understand your lang


    Originally Posted by chienquocmu1
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    CommentQuote
  • Originally Posted by Vikram124
    I am willing to sell my one property in 48 lakhs(Navi mumbai) and going to purchase another roam for 59 lakhs (Mumbai).

    For selling property of 48 lakhs I am finding most of the customer with white money.But another property which I am going to purchase of 59 lakhs required some amount in black (35 lakhs in white and rest 24 in black).

    I am also going to take bank loan of 15 lakhs for purchase of new flat (59 lakhs).

    Please guide us how to proceed. How should transaction and paper works should done with black & white and levy away from tax.

    Please help and guide me in understanding with suitable and easy example.


    **Scene1***
    48-35= 13L bal cash
    if u can arrange for 11L then 13+11= 24L cash for new home.
    Need to understand why u want to go for 15L loan? any specific reason.

    **Scene2***
    Old Home = 48
    New White = 20
    New Loan = 15
    cash hand = 40-20= 28L-24L = 4L
    (24L is cash component for new home)

    Few things u will need to address here are the LTCG from old home - after
    3 yrs of ownership LTCG tax comes to play - if all the capital gians are invested in another residential home within 2 yrs than u have no tax liability else it's 20% - chk accountant for details.

    Next, u will need to generate cash compo for new home from white amt recvd for old home - it's not a gud strategy as at later stage u will face same problem while selling ur "new home" after 3 yrs...

    i think it wud be adviced to consultant an accountant and seek his expertise to handle this situation.

    BTW, ur not alone and accountants are smart to help us in such cases

    Go ahead - best of luck!!
    CommentQuote
  • "Need to understand why u want to go for 15L loan? any specific reason."



    It required for house construction, painting and furniture and for Stamp duty.


    Actually I am going to buy 5 year resale flat in chembur area.

    How stamp duty is calculate and 95% of building does not have OC in chembur.
    CommentQuote
  • Originally Posted by Vikram124
    "Need to understand why u want to go for 15L loan? any specific reason."



    It required for house construction, painting and furniture and for Stamp duty.


    Actually I am going to buy 5 year resale flat in chembur area.

    How stamp duty is calculate and 95% of building does not have OC in chembur.


    Well, if the 5-yr old resale flat doesn't have OC than i wud advice u to move with caution - whats the reason for no OC? If the property has no OC then u need to bargain hard and get the price down if u are really liekd the layout and location - atleast 15-20% discount is called for to regular mkt price.

    So, u wanna go for 15L for upgrading ur new property - it's quite large sum compared to cost of acquisation - total cost of th eproperty would come close to 78L in ur case (59+15+4L = 78L) ST= 4L

    what abt the dues of current owner? does he owe anythign to society etc

    Check and re-check with neighbors and local shop keepers abt this property before u take the call....better to go for under construction property - several u/c property are coming in Subash Nagar, Sahakar Ngr area - they are all MHADA re-dev projects though!!

    regards
    CommentQuote