Hello,
My father inherited a house in Kolkata, which he had sold approximately 27 years back and the property got promoted. He got a flat in exchange and some money which he kept in an FD. My father passed away in 2021 and my mother passed in 2023. The mutation of the property to our names happened in October 2023 directly from my father. Now that both of my parents have passed, me and my br...
Hi,
I bought an under construction apartment in 2006 directly from a local builder and paid via installments (a total of 22.5 Lakhs) for which an agreement for sale was executed and installments were paid based on construction progress, I was also able to finance a part of the purchase via home loan from bank using the AFS as basis for 17 lakhs which I was able to repay with interest in arou...
I have booked a flat in a multi-storied complex (being constructed by a builder), for 1 Cr. in joint name with my spouse (say, in names “A” & “B” with 50-50% holding each as per agreement). Installments are linked with the construction stages spread over 3 years and payment commenced from January 2023. By now, 6 installments have been paid in the past 18 months corresponding with 65% constructi...
Dear Sir,
Need your advice against following sale of old property & purchase of under construction property w.r.t. capital gain rule.
I have entered into an “agreement for sale without possession” during Dec’22 for under construction flat with builder for which physical possession is expected by April’26.
Details of payments of under construction property & sale of old property are as below:...
Respected Sir/Madam,
This is regarding Capital Gain Tax on urban agriculture land.
My father sold our ancestral agriculture land (urban agriculture land) to a company on the deferred payment plan in which 15% of the land consideration value is received (between Jan 2024-July 2024) and remaining 85% value of the land will be received after 18 months (Dec 2025). Land is handed over to the compa...
My father gifted a land to myself and my brother in 2019. He himself bought the land in 2003.
Myself and my brother obtained a permission to build a building on this land in 2021 and constructed a house and finished it in 2023. We sold parts of the building in 2023 ( 60%) to different buyer after completion of building construction.
Upon consulting with a CA, they mentioned the underlying l...
I want to buy a resale flat from sellers (A&B). They purchased the property in Nov,2016. The ready reckoner rate (circle rate) in Nov,2016 was Rs.87,50,000/- but the consideration they paid was 1,18,00,000/- and made agreement and registered the property. As on July,2024 the ready reckoner rate is Rs.1,05,00,000/- and we have agreed to made an agreement value for sale of Rs. 1,05,50,000/- Now m...
I made a capital gain of Rs 60 lakhs from sale of my flat in FY 20 and purchased another flat in another city within 3 months. The payment of this new flat were to be made in installments, so I opened a capital gains account in SBI. However the bank issues demand draft only towards demand notes raised by the builder. It is not even allowing payments from this CG account for property registratio...
I have bought a flat at 24 lacs (flat plus garage plus stamp duty registration)11yrs back. I sold in on April 2023 at 47 lacs. The flat was in joint name of me and my wife. I had bought another flat in sept 2022 at 67 lacs. The loan of that flat is still getting paid by me.
My questions are as follows:
1. Do i have to re invest the capital gain part ie (47 lacs - 24 lacs) 23 lacs in house ...
Looking for some clarity around capital gain taxation on sale of property in case of JDA and landlord selling the share before OC.
Please consider the below series of events
1st July [deleted] syrds land procured on for a value of Rs.10Lakhs
2nd July [deleted] syrds land given to a devloper on JDA and in return taking a 200 syrd villa (land cost 10L + Building cost 15L)
20th Oct 2022 - D...
I had purchased a flat jointly with my spouse (housewife) in year 2018 and sold it in year 2023. The funds from sale of property were deposited equally in my and wife's account.
Recently I have booked a flat which is under construction and whose possession is in June 2025. The agreement to sale is already done in Feb 2024 and capital gain received from sale of previous flat is transferred to...
Dear Esteemed experts,
I had purchased an under-construction property (property A) from a builder in March 2022, for which construction stage-wise payments are still going. In FY 22-23, I had sold another property (property B) and used that money to pay for Property A.
I had claimed exemption of LTCG arising on sale of property B for FY22-23 as I had invested that amount in purchase of pr...
Facts of the case:
A. I the Landowner purchased a property being Land & Building vide Registered Deed of Conveyance in the year 1987.
B. In the year April 2021 I entered into a JDA with a Developer for construction of a Commercial Building on the above mentioned Property.
C. It is agreed that the Developer shall construct and handover to me 50% of the Constructed Premises to be constr...
Dear Sir,
I own 2 flats in Bengaluru, 1 flat bought under gram panchayat limit with e Khata ( during Jan 2015) at sale deed price 9,75,500 which is owned jointly along with my wife as secondary owner. The other flat which I bought during 29/09/2021 with sale deed value 53,02,000 value which is single owner on my name. Currently both property on Housing loan SBI and LIC respectively. I am plan...
Dear Sir/Madam,
I had purchased a piece of land in April 1988 for Rs. 10,000.
Thereafter, I spent money on its construction, improvement, extention and addition as under :
1. For construction in1994-95 = Rs. 40,000 from my savings informed to my office
2. For construction in 1995-96= Rs.1,04,500 Withdrawal from GPF/from savings informed to office
3. For construction in 1995-96 = Rs; 2,0...
Jda signed oct.2012. builder not completed (65% only complete and left august 2017 ) the project. builder proceeded to nclt. association challanged in sc . and finally through mediation under retired supreme court judge , the case settled by S.court order( Sept-2020) to take over the project jointly by the land owners and the association and complete the project with own funds and execute the s...
I hope this message finds you well. I am currently involved in a complex property sale transaction and need your expert analysis to ensure that the financial structuring aligns with legal and tax compliance.
Sequence of Events and Payments:
Initial Amount Transferred: A sum of ₹13 lakhs was transferred at the outset of this transaction.
Loan Sanctioned: Subsequently, a loan of ₹87 lakhs ...
I am the original owner of a flat we purchased in .1973 Our building was redeveloped, and possession given in Feb. 2023.
We may want to sell our flat now, but need to know if long-term or short-term capital gains would apply? We are not purchasing any other flat in India. We were told to wait 3 years by one CA. To avoid short-term CG, when can I sell?
Also, what do I use as the cost-basi...
I am planning to buy an apartment worth 1 Crore in Bangalore. The property is jointly owned by Daughter(NRI) and Father(Resident Indian). Daughter has given a 'Power of Attorney' to the Father stating all the proceeds from sale of this apartment will be collected by the Father.
I have the following questions:
1. How is the TDS to be calculated in case the ownership-split between daughter (...
Hi i gave an advance amount of 10 lakhs in Nov 2013 and got allotment of the villa with villa number from the builder I paid another 30 lakhs in may 2014 and some installments every few months however the Agreement for sale and construction agreement was franked on 10 Mar 2015 . i got Possession of the villa in November 2018 and moved into the villa after the interior was done in may 2019., i s...