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Stamp Duty 5%
Service Tax - 3.7%
I don't about other - but the buyer who will buy from you won't need to pay service tax again. Don't know about other taxes.
Other issue - you need to talk to your bank and find if they have prepay penalties. They may allow you to forward your loan to new property instead.
Capital gain - since you are selling the property within 3 years you will need to pay Short Term Capital Gain Tax. This is as per your income tax slab. At max 33.33% of the profit. ( Provided you want to pay taxes :-) )CommentQuote0Flag
- You lose the stamp duty VAT and registration.
Service tax would have been paid along with each instalment. You will lose the amount of service tax you have paid for 70% of the already paid amount.
PErson who takes over your booking from you will pay the remainder of the service tax on the 30% still left.
You have to pay short term capital gains tax at 30% plus cesses.CommentQuote0Flag
- 1. Stamp duty VAT and Registration - Stamp duty, VAT and registration charges can be calm from the buyer if you have sell you flat with in the 1 year of Registration. Since your registration date is dec 2014 you can claim from buyer.it's depending upon seller to seller.
2. Service tax - The 70% amount of service tax you have already paid amount to builder. This 70% amount can be claim from buyer as the building is in under construction and remaining amount of the 30% service tax still left will be born by buyer to the builder.it's depending upon seller to seller.
3.Tri party Agreement:- There would be Tri party agreement between you, builder and the buyer.There are two options, one you get cancelled your agreement with builder after settling your accounts and let the purchaser enter into direct agreement with builder. In second option when you enter into agreement with the purchaser, directly or tri-party, the agreement is built up upon the terms and conditions of the first agreement with builder, which requires a help from a lawyer, so let him take all the care.
4. Home loan - Your home loan can be transferred to the buyer if he wants the remaining amount of loan and he can give you full and final market value price of the flat and I agree that bank may allow you to forward your loan to new property instead.
5. short term capital gains: You have to pay short term capital gains tax at 30% plus cesses I agree.
6. Transfer Fee:-Again it is builder to builder. The builder have to agreed for issuing the NOC for sale , in exchange of a transfer fee, It will to be paid by you as a percentage of the sum you get from selling your property. It is considered an illegal practice according to the Transfer of Property Act, 1882.
7.Surrender Original Agreement and receipts : You have to surrender all your original Agreements and receipts to the builder.
where to find buyer?... Big question:confused2::confused2::confused2::confused2::confused2:CommentQuote0Flag
- Thanks for detailed reply, I spoke to builder today and they are saying they have locking period till Possession and I cannot sell this flat.CommentQuote0Flag
- which means he has unsold inventory and he does not want to add to it...Originally Posted by santoshsuryaThanks for detailed reply, I spoke to builder today and they are saying they have locking period till Possession and I cannot sell this flat.CommentQuote1Flag
- Originally Posted by Sharpjwhich means he has unsold inventory and he does not want to add to it...
Sharpj - What happens if he finds a buyer himself and take it to the builder? Builder can charge some 'illegal' charges and let him sell the flat then, I presume?CommentQuote0Flag
- Originally Posted by santoshsuryaThanks for detailed reply, I spoke to builder today and they are saying they have locking period till Possession and I cannot sell this flat.
Is it legal to lock flats under-construction?
What if the current buyer cannot manage to pay further - Does the bank pay the rest of the money and seize the flat?CommentQuote0Flag
- Originally Posted by abhisharmaIs it legal to lock flats under-construction?
What if the current buyer cannot manage to pay further - Does the bank pay the rest of the money and seize the flat?
I dont know if it is legal or not and if the buyer cannot pay further he can go for home loan if he dont get home loan then flat will go in cancellation. In this case builder will refund agreement value with 4% chargesCommentQuote0Flag