Iam going to buy a plot .. i finalised the deal of plot at circle rate i.e govt rate and the registry is also going to be on that rate and the payment is through cheque...as the land registration is genuiness.. My question is that plot is having house bulit in it which is nearly 15 years old... and in deal i am not paying for the house as the party selling the plot is not demanding money as house is old.. But the registration is done for the land only so what if incometax department ask me for the house on the land..? Would it be shown as a gift to me and have to pay tax for it? What should I suppose to do?
Hi,
- As the construction is 15 years old due to which you are only paying for the plot and not for the construction, it would not be an issue as the cost of the land comprises major part in the total cost of the house. It is better to pay some nominal amount for the construction also over and above the cost of the land to avoid problem in the future.
Thanks
Hi,
You can show some amount towards construction in sales deed to avoid any income tax department hassles.
Just mention in the sale deed that the house is already there on the land when you bought it and there will be a picture of land in sale deed so which will clarify everything and pay a nominal amount for such construction in the deed itself. This will be all you need.
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Thank you
As date is written on each sale invoice ... is it mandatory to write time on each sale invoice? If not written than what will be the penalty?
About which invoice are you talking?
Iam having sweet shop and do manual billing of sale ..buy issuing sale invoice... every time i forget to write time on each sale bill. It is mandatory to write time on each sale bill if not written than what will be the penalty imposed on me by gst and IT department?
There are many people who do manual billing and there is no penalty for not mentioning time. There is no such requirement neither in GST nor in income tax.
Hi
The deed should mention that the land contains a house too for which value is negligible; construction being old.
It could be a problem if nothing has been specified in the agreement with respect to the built house.
However, your contention of consideration a 15year old house to be of negligible value is very difficult to be considered by anyone.
It is not mandatory to write time on sale invoices.
It is not mandatory to write time on sale invoices.
It is not mandatory to write time on sale invoices.
There shall be no issue regarding this from either of the departments.
No, it is not mandatory to write time on each sale invoice.
No, it is not mandatory to write time on each sale invoice.
No, there will be no penalty on the same.
Time is not compulsory to be written on sales invoices.