LIVE Course on Transfer Property Law | Price Hike in 4 days | Grab it now!
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Chinnappan (CEO)     21 July 2022

Property registration and the sellers responsibility

I intend to sell my apartment for Rs.2 crores and the buyer is offering cash of Rs.60 lacs and the balance in cheque and agrees to register the property for 1.4 crores. I will remit the cash of 60 lacs into  my bank account and declare as sale proceeds and calculate capital gain on total sale value of 2 crores and pay Capital gain tax on the total sale value of Rs.2 crores after indexation. Am I complying with all legal  formalities? The registration department has agreed to  register the flat for  Rs.1.40 crores as per the guideline value of Govt. As a seller Will I encounter any problem with Registration department. Can any one clarify this 

Thanks



Learning

 1 Replies

Mahi Manchanda   27 July 2022

Hi,

The property has to be registered at the full amount of sale proceeds that is, 2 crores itself and not 1.4 crores. The capital gains tax that will be estimated after the registration will be according the complete amount, i.e., 2 crores.

I hope this helps.

Have a good day!


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Post a Suggestion for LCI Team
Post a Legal Query