Tax questions on Property Tax

TDS on Purchase of flat from NRI

Dear Sirs / Madams, A flat purchased in December 2017—in Kolkata by my father aged about 80. He is retired and bought the flat from his savings. Sellers – the co-owners ‘Husband and wife ‘..who happen to live/work in Kuwait. Flat purchased value – 23 lakhs , full payment made in cheque, and registration done in December’17. During the negotiation and Registration we only knew that TD...

26QB error

Dear Sir, I had bought a house in Mumbai for 77 lacs & paid 1% tds of 77,0000 on traces in March 2015. However the reflection in assessment year 2015-16 shows the transaction in part A2 and I am seen as the seller of the property and seller is seen as buyer & hence I am not able to generate form 16B. The sellers CA was trying all these years to change the same with sellers AO. I was being told...

TDS on property purchase from NRI

Dear Sir/Madam, I have made a sale agreement to NRI (through Power of Attorney) on 15th Jan 2018. I paid Rs. 100000/- as token amount. The Sale agreement was valid for 60 days (i.e. till 16th March 2018). Based on above Sale Agreement I applied for Home Loan and Sellar applied for Lower TDS (under section 195/197). Now my home loan was approved on Feb 10th, 2018 but Seller got Lower TDS certi...

Will my friends mom be entitled for tax ?

My friend's mom is a senior citizen and a homemaker. She is likely to sell her husband's ancestral property which is now in her name after her husband's death. However, she also have four children who also are co owners of the property located in her native place. Now, suppose she sells the house property for x amount. 50% payment of the property goes to her and rest of the money will be red...

Second purchaser under paid the stamp duty of the Flat property

First purchaser from the Builder (Through Booking while on construction of the Building)had paid the stamp duty and got registered the property in year 1994 The second purchaser who was Constituted power of attorney of the first purchaser had bought the flat from him on executing sale of agreement. He has under paid the stamp duty and not registered. The deal happened in the year 1997 I b...

TDS on property transferred

Hello Keerthiga I bought a Flat through a resale before registration and construction in 2014 and I have now completed all my payments to the seller and also to the builder. Earlier, the seller had made milestone payments to the builder for which the builder has been deducting TDS and paying to the Govt and the same goes for me. So when the transfer was made to me, a tripartite agreement wa...

Property sale registration

Sir, Query related against about property registration. One of my close relative and friend as well, he wanted to sell his property, worth Rs.19lacs, since he is unemployed. Having too much family pressure and daughter's education, he had debt almost crossed 8 Lacs, he has been paying 12K for that exist borrowed money for more than 6 years. Property worth Rs.19 lacs. He asked full cash b...

Buying of property from capital gain fund

Dear Sir/Madam, Our family had long disputed property which has been settled out of court recently from which I received sum of Rs 28 Lakh . When enquired about re-investing I realize that I can utilize these fund for buying property only until then I should park this sum in capital gain account in nationalized band and use it for buying properties in next two years or I should buy gove...

Property Holding tax to Rourkela Municipal Corporation

It may be kindly noted that the property holding tax pertain to holding no C.269 which has been massively excess billed to so many holds which is not at all any fairness in assessment to property holding Id C.269. As per the substantial verification and reconciliation into the revenue record at Rourkela Municipal Corporation office, the same may be verified that the adjacent holding 50 properti...

TDS with Penalty and Interest

Hi, I am an NRI and I have bought a property in Hyderabad in June 2012, however due to the delay from the builder side I am getting the property next month i.e. Feb 2017. On request from builder I have made the 1% TDS payments on all the installments (home loan and initial payment) to the builder, but the builder at the end decided to deduct TDS payments I made so far from what ever I owe to...

Query for Valid Cash Deposit

Hi TaxFull Team, This is Vishal. I have a query on the cash deposit in the banks. Since there are multiple messages are circulating recently due to demonetization step by our PM, which is great step. But there are some confusion and rumors as well regarding cash deposits. So my query is: From USA where i work, I have transferred amounts to my father for buying a plot since March 2016 i...

Lady & paFinancial Fraud in Canada & 497a( Dowry case ) in India

Dear Sir, The matter doesn't fall in any of the categories mentioned above. It is basically fraud matter. My Son, a PR & daughter in law, a Canadian citizen, have a financial dispute owing to credit card fraud by her foster parents on her credit of six years before marriage in Canada, not revealed and learnt at home loan application stage, seven months after marriage. Our son asked ...

26qb forms

Dear Sir, We (me and my wife as co-applicant means 50:50 ownership) have booked an apartment of Total value Rs 1,40,00,000 from a Builder. We are NRI and my wife is a housewife . We have NRE/NRO joint account from which the booking amount is paid and rest of the amount will be also paid from our joint account. As per our understanding, each of us has to file 26QB form separately. My question...

CPC (TDS) Follow up: 26QB Statement not yet filed for Purchase of

Dear Sirs' This property was on Power of Attorney in the name of My Wife. Sale agreement entered during the year of 2001 and full amount. Whereas registration and stamp duty paid on March-2015.And Registar has consider 90L valuation for stamp duty But actually there is no cash transaction in entire deal But email received from CPC to pay the TDS. When inquired with CPC Received below mail.Pl...

Nri property sale transaction - tds query

Hi, I am planning to buy 2 bhk flat in Pune from NRI for cost of Rs 63 lakhs. NRI has Indian PAN card(Mumbai address) currently lives in Dubai. He purchased this flat from his NRE account as investment in year 2008. Address mentioned in property documents agreement between seller and builder is his Dubai address. I will be paying 33 from my own saving and 30 lakhs from home loan. Amount f...