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Nike (Associate)     13 April 2012

Tax above govt value of flat

Hello Experts,

 

I am planning to buy a flat in a residential appartment. Its a first sale. Suppose the Govt value of the flat is 25 lakhs and the sale value is 40 lakhs. How much tax will the Builder(Seller) need to pay on the amount above the govt value. Thats (40L - 25L) 15 lakhs. Whats the tax slab??

Should i pay registration and stamp duty on 25 lakhs (Govt value) or 40 lakhs (sale value)?



Learning

 1 Replies

Vineet (Director)     18 April 2012

1. Stamp duty on 40 Lakhs (Sale consideration of Govt Value whichever is higher)

 

2. You should worry about taxation in the hands of builder/ seller. He is a businessman and for him profits are not calculated merely on Government value basis.


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