Query regarding landlord-tenancy

Krishna A Jasani (Querist) 21 July 2014 This query is : Resolved
Dear Sir/Madam,

I am the landlord of a building in Town,I have given a part of my premises for office use Mr.X,for rent.
Mr.X has been using the said premises for 15 years,So now my tenants wanets me to transfer the ownership in his name for a amount of Rs30000/- when the actual value of the flat is more than a crore,more over he is ready to pay the stamp duty as per the market value.

however I want to know that will I be liable to pay any price or tax as this is a mere gratituos tranfer BUT NOT A GIFT.
Will you please tell me which act and section is applicable in this case.
Awaiting your response.

Follow Query

Report Abuse

Devajyoti Barman (Expert) 21 July 2014
Why are you so obliged to sell the flat at such a throw away price?

Krishna A Jasani (Querist) 21 July 2014
Due to certain family commitments I have to this...however will I have to pay any tax under section 54

Krishna A Jasani (Querist) 21 July 2014
Or I mean any tax for undisclosed income or deemed income..

Raj Kumar Makkad (Expert) 21 July 2014
You shall have to pay capital gain as well as income tax as your income shall increase manifold while showing the present market value as consideration.

T. Kalaiselvan, Advocate (Expert) 24 July 2014
I agree with the experts views. For further advise in this regard, you may consult a local tax consultant.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now