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Will i be liable to pay tax if i sell my property through NEFT
14-Dec-2023 (In Property Law)
I m Hindu religion, and a NRE workiing now in Saudi Arabia, I had purchased a Plot of 30x50mm in Layout @ 2003 for a prize of RS.800/sq.ft. in Bangalore. In 2003 I was working in bangalore and bought the same at that time. Now I want to sell the plot apprx. the rate is now rs.5000 to 6000/sq.ft. If i sell this property all white through bank transfer, Is there any Tax applicable if so how much have to be pay for the Tax ? Foe example the plot sale value is Rs.75 lakhs to Rs.80 Lakhs, How much I will get after Tax deduction? . In what basis the Tax percentage is applicable?
The query is about taxation. Therefore you may contact a tax consultant instead of a lawyer. In case there is any legal dispute in disposales of the property then some legal assistance may be required.
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your investment comes under long term capital gain, so you can get or claim for tax exemptions , as per section 54f:- If you are using your entire sale proceeds to buy a house property you may end up paying no tax on your gains when – You satisfy all these conditions
(a) You purchase ONE house within 1 yr before date of transfer or 2 yrs after, or construct ONE house within 3 yrs after date the transfer.
(b) You do not sell this house withing 3 yrs of purchase or construction
(c) This new house purchased or constructed must be situated in India
(d) You should not own more than 1 residential house (other than the new one) on the date of transfer
(e) You do not purchase within a period of 2 yrs after such date or construct within a period of 3 years after such date any residential house (other than the new one).
When you satisfy these conditions, and invest entire sale proceeds towards the new house – you won’t pay any tax on your gains. However, if you invest a portion of the sale proceeds, the exemption will be the proportion of the invested amount to the sale price or exemption = cost of new house x capital gains/net consideration. if you need more details kindly call me
(a) You purchase ONE house within 1 yr before date of transfer or 2 yrs after, or construct ONE house within 3 yrs after date the transfer.
(b) You do not sell this house withing 3 yrs of purchase or construction
(c) This new house purchased or constructed must be situated in India
(d) You should not own more than 1 residential house (other than the new one) on the date of transfer
(e) You do not purchase within a period of 2 yrs after such date or construct within a period of 3 years after such date any residential house (other than the new one).
When you satisfy these conditions, and invest entire sale proceeds towards the new house – you won’t pay any tax on your gains. However, if you invest a portion of the sale proceeds, the exemption will be the proportion of the invested amount to the sale price or exemption = cost of new house x capital gains/net consideration. if you need more details kindly call me
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Adv. Shabuddin B S
Bangalore | 100+ Answers
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