My company has allotted one flat property against the salary for me and seven of my colleagues for 18.64 lacs . We made the unregistered agrement to sell the property on two members and sold this to 17.5 lacs ,and got the cheques on the two members . If any tax will be applicable for the persons who received the payment on their name ? Pls clarify.
How can I show my share from above property sale in my income tax filing ,because this is already included in my previous salary and income tax ,if any document I have to get it from my company ? If they refused how can I get it ?
How did you do this sale did the company transfer rights to you and your colleagues to sell this flats?
If the flat was transferred to 8 members how did 2 you sell it?
You previous year salary was including company transferring you this flat for free and now you have sold such flat so both are different transactions and you need to show it as capital gain.
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Thank you
Dear Sir,
Hope you are doing well !!
Both the absolutely different transactions.
You will be liable to pay capital gain tax at the time of selling the flat.
Is there any document for property against salary?
Otherwise, how will you justify the cost of property against sales value?
Please take a phone consultation for detail discussion.
Yes, it will be considered as sale of capital asset and hence will be liable to capital gain tax.
You need to show this in ITR 2.
What has been shown in your earlier income tax is cost of the property (as a salary). What you need to show now is the profit on sale of flat.
Hello,
While it was alloted to you and the other seven employees, why it was sold in the names of only two members.
Yes, Capital Gain is leviable on the sale of this flat. Take a phone consultation for better resolution of the issue.
Regards,
CA Hunny Badlani
Ideally, if the amount is already taxes as salary, then it should not be again offered to tax. You have to be mindful and check whether the amount is included in your previous salary and offered to tax in the past.
To the extent of your salary income do not offer the salary to tax again. IN case you have fetch anything above the salary , kindly offer the same to tax as capital gains as relinquishment of right in capital asset.
You should maintain sufficient documentary proof to justify the fact that this amount is nothing but salary, which is previously offered to tax. Take a written declaration from the company with the supporting on the market value of the propery when transferred to you and at the time of your share being transferred to friend. Tax officer would like to analyse the entire chain of transaction with bank entries. DO connect in case you want me to assist and give detailed guidance and peruse the documentation to be maintained.
