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Tax liability of new owner in transfer of ownership of a flat
06-Sep-2023 (In Property Law)
If I want to resale my flat to a new buyer at say 150 INR which I bought at 100 INR then does the new buyer have to pay again any tax to anybody for the transfer of ownership or simply pay me 150 INR. (Assuming total sale value mentioned in my agreement is 100 INR out of which I already paid 95% of the sale value + 5% ST on that amount to the builder as per payment schedule and 5% of the sales value is pending and CC is not yet obtained by the builder)
You would need a specialized lawyer in property matters. In case of a property being bought from a builder the registration process is typically guided by the builder legal team. The buyer is required to deduct the TDS of mandatory 1% from the sale proceed ,if the property in transaction value is in excess of 50 lacs the buyer has the responsibility of deducting as well as depositing the amount with govt.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Sir we are advocates here. If you think you want to play assume assume game then please go to Sulekha and play it there. We don't assume and neither we entertain this kind of assumption. When you have some real queries contact us through lawrato till then keep radio silence.we are on this platform to help needy people we are professionals
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Adv. Rahul Uday Singh
Kolkata | 200+ Answers
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