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.

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  • Anyone?
  • 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
  • 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