Property sale and taxation


Greetings !

I have sold an under construction property  which got me 20 lakhs after loan repayment and my parents sold another property for 49 lakhs.

Out of the proceeds of this sale, we are buying a 2 BHK Noida authority property in Noida, which is to be registered at 55 lakhs according to the revised circle rate of Noida.

Thecost after registeration, transfer charges, brokerage etc comes to 60 lakhs.

Will any of the parties still liable to pay tax ?

My understanding is that since we are purchasing a new property from the sale, this should be exempt.

Also, can we get this NOida property registered in joint name i.e. Mine and my father's.

Please advise.

 
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Medical officer

@manish

 

You should confirm your situation with a property lawyer. As, the property laws vary from state to state, it is best to get in touch with a person who can help you in this matter. Be sure to pay all your taxes as taxes unpaid often compound to a higher value along with the cost of the property. 

 

I think you should take advice from an experienced property lawyer. Visit www.lawkonect.com. Here you can post your query and a detailed written reply would be provided to you by an experienced lawyer. You can also avail consultations with a personal lawyer on this matter through www.lawkonect.com. It is very essential that you get to know about your options well and for that i think you should take professional help.

 

Regards

 
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Other

Under Income TAX Act, if the property is purchased within specific time then it is exempt. that property must be purchased from sale proceed of residential property .
 
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