Residential plot purchase
ALOK KUMAR SINGH
(Querist) 20 December 2013
This query is : Resolved
if a residential plot is purchased for construction of self house is it taxable in any way.....?
Raj Kumar Makkad
(Expert) 20 December 2013
House itself is not taxable rather the income is taxable and the property tax is also imposed subject to furnishing of your true facts here.
R.K Nanda
(Expert) 20 December 2013
state full facts.
V R SHROFF
(Expert) 20 December 2013
u hv to pat Stamp Duty, registration , any Local Property Tax .
No Income Tax till u sell for profit.
or gain rent
ajay sethi
(Expert) 20 December 2013
agree with mr shroff
dr g balakrishnan
(Expert) 20 December 2013
Normally, people buy and sell mostly to register any sensible profit.
immovable property when you sell, registration departments adopt some procedre like registration charges on some norm that is not necessarily approved by income tax. some buyers take their own time to register documents that is plenty in a lot og urban areas.
So when you go to registration that document after a sensible reasonable period, then the Registrar says get latest sale agreement to register, in the mean every year income tax laws change . You would not know.
when you as a seller register ensure once again what is the market price and registrar charges on his norms which when compared a valley of difference.
When you register that is also reported on web site, taxman also does CASS. if your sale is coming under random examination naturally you could be examined. When examined by tax man he can see what tax amount you avoided like capital gains.
if TDS is not appropriately paid, naturally you may be in trouble.
Besides, if you do not want to buy indexation may not be helpful.
then you shd ensure your capital gains is correctly paid and thus ensure you are freed of tax liabilities and you can use the proceeds in anyway you want.
Today price og immovable properties are sky high, so tax is equally sky high.
Better take Advance ruling on to your plan of selling or buying, that way there may not be any tax difficulties, as taxman has taken that burden. Also ensure that you do not transact in black moneys as that cash is worth nothing but you have to waste that income that way get all sale proceeds in white money so you can meaningully use the hard earned money is my advice, ig you like!
Rajendra K Goyal
(Expert) 20 December 2013
Well advised by the experts, no scope of my entrance till full facts are reveled.
dr g balakrishnan
(Expert) 20 December 2013
TRUTH IS WHEN WE MAKE E ACCOUNTABLE THEN WE WILL BE ABLE TO USE OUR MONEYS CONSCIOUSLY THAT MEANS ECONOMY MAY MOVE VERY VERY WELL AT WAY ECONOMIC GROWTH BECOMES SUSTAINABLE!
Guest
(Expert) 20 December 2013
Agree with Dr,G.Balakrishnan
ABDUL RAZIQUE
(Expert) 21 December 2013
no room for enter, agree with expert Dr,G.Balakrishnan
dr g balakrishnan
(Expert) 21 December 2013
Economic development is depended on accountable moneys only. so one needs to be integrated that way every one can help economic development not just one dr Manmohan singh as PM or otherwise. so wisdom is that. any cash money not accounted is just a waste paper like so people lavishly waste that cash and it really attacks Economy. So I would love all professionals help their clients in the right direction
BAALASUBRAMANNYAMM
(Expert) 21 December 2013
Nothing is to be added. A "one line question", gets elaborated replies.
prabhakar singh
(Expert) 21 December 2013
All is well but what is the query?
