Hello....I am a green card holder in US. I have a single story house in ghaziabad which I want to sell. I also want to either keep a floor in my house or a flat any place else. Few questions -

1. I think I have 2 options - One to sell it whole & get another flat some where else. Or sell it partially &keep one floor with me. I think if i do partial sale registry will still remain in my name & it will get transfered once builder re-constructs all floors and give us one floor. I believe in partial sale I can show my CA that something was sold for which he can be able to tell me taxes etc. What are advantages of doing either ?. Does it take like 2+ months for the whole process or what can reduce the total time & my stay in India ?

2. I have heared of couple of options regarding money transfer to US. My aim is to get the money quickly with less tax cuts. I know there is white/black & then things like hawala. If its all white I can just do wire transfer

3. What are the tas implications after selling it complete or partial. I think I still have to pay like 20 % on white. But do I have to pay taxes again in US too (doesn't matter if i plan to buy another house in US in 6 months or later)

4. Is there a rule that you can't sell a property within 3 yrs of purchase in India ?. I mean if I do partial sale & buy a flat from the same build some place else, I won't be able to sell it off before 3 yrs....Thanks
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  • You can build the different floors and sell them all or some of them, its really your personal choice and no one can deter that. As per my limited knowledge (please consult your CA), You can avoid taxes if you invest same amount to buy another property with in specified time limit. For US taxes etc, you need to consult your Bank/accountant over there. For black money you already know its illegal and consequences may not be good and can cause problems for your legal status in US.I will suggest you to avoid it. There is no generic rule which prohibits any one to sell any property unless there is some agreement between buyer and seller. There may be some initial period with some builder or society or authority for no transfer period. Please refer buyer agreement docs for that.
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  • Dear Sender,


    I would like to bring this in your notice,

    1- You Can either sell the entire property and Partially, Sell will remain same, if its floor definatly the buyer would like to register the property bought by you under his name, rest all other property will be yours,

    So the point of selling complete or partially soves here.

    2 - Yes you are right with regards to Money transactions, but every thing has there own own Pros & cons.
    I would suggest with regards to money transactionis concerned, do not discuss over the open forum, this can be decided once you make your mind with regards to transactions, and depends on the buyer as well, that how is he comfortable in giving you the amount, and also on you what term & condition you are willing to sell,

    3 - With regards to TAX implication,
    once you sell any property before 10 - 15 years, you will have to pay the Wealth gain Tax to govt, however there is option you can protect your hard earned money by not paying wealth creation/gain tax by buying property of the same amount with in specific time period, which is with my limited knowledge is with in the same Financial year, so you get time to Re-invest you Hard earned money in safe place,


    If you are willing to sell your property or would like Invest in any other property you can write to me, and i can help/advice you in the same, with mutually agreed term & conditions, In Ghaziabad , Delhi, Noida, Faridabad, Gurgoan.

    Thanks & Regards

    Rishi Batura

    Originally Posted by sunilkumar20
    Hello....I am a green card holder in US. I have a single story house in ghaziabad which I want to sell. I also want to either keep a floor in my house or a flat any place else. Few questions -

    1. I think I have 2 options - One to sell it whole & get another flat some where else. Or sell it partially &keep one floor with me. I think if i do partial sale registry will still remain in my name & it will get transfered once builder re-constructs all floors and give us one floor. I believe in partial sale I can show my CA that something was sold for which he can be able to tell me taxes etc. What are advantages of doing either ?. Does it take like 2+ months for the whole process or what can reduce the total time & my stay in India ?

    2. I have heared of couple of options regarding money transfer to US. My aim is to get the money quickly with less tax cuts. I know there is white/black & then things like hawala. If its all white I can just do wire transfer

    3. What are the tas implications after selling it complete or partial. I think I still have to pay like 20 % on white. But do I have to pay taxes again in US too (doesn't matter if i plan to buy another house in US in 6 months or later)

    4. Is there a rule that you can't sell a property within 3 yrs of purchase in India ?. I mean if I do partial sale & buy a flat from the same build some place else, I won't be able to sell it off before 3 yrs....Thanks
    CommentQuote