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Disclousure of income from Capital gain thru sale of house property for IT return

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Disclousure of income from Capital gain thru sale of house property for IT return

Last updated: April 17 2013
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  • Disclousure of income from Capital gain thru sale of house property for IT return

    I am interseted in selling property in an area where registry is not being done (unauthorized colony). The buyers and their broker are comfortable with Notarized GPA/Agreement to sell/Will method, knowing fully that registry is prohibited and these sales are not valid as per SC judgment.

    The property is registered in my name.(registry done)

    My question is: Can I declare the consideration as Income from Capital gain thru sale of house property for IT return.
  • #2

    #2

    Re : Disclousure of income from Capital gain thru sale of house property for IT return

    disclosure of income

    You probably will have no choice,because if transaction is by cheque there will be sudden inflow of funds into your bank account and bank may itself ask you regarding the funds and source.Otherwise the bank may report it as a suspicious transaction to FIU.
    If subsequently you buy a flat/house,source of funds will have to be disclosed.
    It is better to disclose the income as per IT provisions in your Income tax return.

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    • #3

      #3

      Re : Disclousure of income from Capital gain thru sale of house property for IT return

      Will than Capital gains tax of 10% shall be applicable ?

      Also in absence of sale deed, IT may treat this as advance for sale of property and than the full 30% tax rate may be imposed for the time being (refund later after registry opens and sale deed executed at later date)

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