Prakash Karnani 28 November 2015

Taxes

I want to sell my property in mulund west ( sale value 2.83cr)

This is name of my son who is NRI,

property is 7/8 years old.

after sale , i want to purchase small flat in Malad west (purchase rate 1.7cr)

Purchase property is about 8/9 years old.

what will be taxes and duties payable on this transaction

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1 Replies

adv nishant (Advocate) 29 November 2015

Hi th answer to the following is as follows:- 1) is your son registered as a Nri with the Income tax dept? If so then the buyer shall have to deduct 20 percent of the sale proceeds and deposit as TDS with IT dept.if hes not a NRI with IT then only 1 percent shall be deducted. 2) the captial gains tax has to be ascertained based on the year when you bought and for how much. That is the only tax liability coming to my mind.