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Buy property higher than circle rate
02-Jul-2023 (In Property Law)
As I understand I can buy a property higher than circle rate and need to pay more stamp duty but as a buyer do I need to pay extra tax and would I face any issue when I sale property in future? In future do I have to sale at same price I bought or if I sale at lower price would that be considered as loss on property?
Hello sir
see you need to understand that there are two kind of prices for a property. one is based on the circle rate and the other is the market orice which can be more or less than the circle rate. In case you buy property on higher than the circle rate then higher stamp duty is paid. As far as tax is concerned there is a range of income when wealth tax is taken from a person if your income qualify more than that then only you would be required to pay wealth tax otherwise only property tax need to be paid on the basis of calculations according to the formula of the municipal authorities. As far as future sale is concerned you are owner and yoh can sell it at any price lesser or higher than the purchase rate.
regards
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Adv. Harshit Jain
Delhi | 100+ Answers
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yes, it will be considered as a capital loss.
capital gain and capital loss is a separate thing but you can get your property registered at circle rate or at the rate which is higher than the corcle rate.
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Adv. Tanishq Panwar
Delhi | 25+ Answers
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