Buy new Property

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This discussion revolves around queries related to purchasing a new property with a housing loan. The main concerns include how to pay the difference to the seller, whether the sales consideration for capital gains is the loan amount or the sale deed value, and how to handle situations where the seller prefers cash. There's also a question about paying stamp duty based on property valuation versus the sale deed amount.

Keyur

Keyur (Querist)
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27 November 2023 Sir/Madam

I have foll. query regarding new housing loan-

I have to buy one Bungalow which details as follows-

> Cost of Bungalow is of Rs.75,00,000
> Housing Loan sanction is of Rs.70,00,000/-
> Sales Deed of Rs.49,00,000/-
> Property Valuation of Rs.85,00,000/-

Bank will pay to the seller of Rs.49,00,000/- and different amount of Rs.21,00,000/- in my saving bank account.

1) My question is that how i will to seller diff. amount by Cheque or Cash.
2) What is the sales consideration for Seller for capital gain working Rs.49 lacs or 70 lacs?
3) if seller not accept cheque then what is the solution?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 November 2023 What is the government valuation for stamp duty purpose.

Keyur

Keyur (Querist)
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27 November 2023 Sir,

We will pay stamp duty as per government valuation I.e 49 lacs

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 November 2023 In such a case for capital gains working it's 49 lacs.
Legally cash payment not allowed for more than 20,000 for property purchase.
You have to choose the mode required by the seller.

Keyur

Keyur (Querist)
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27 November 2023 Sir,
Thanks for prompt reply

Seller is confusing for if payment 49 lacs pay by bank directly and remaining amount will received by cheque or ipms!! Then what is the sales consideration.
Seller asking to us that sales Deed is for 49 lacs and total I will be receiving 75 lacs, how I will convince to him.
Thanks

Keyur

Keyur (Querist)
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29 November 2023 Please clarify me sir today.

I have to take action again it.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2023 We can't reply such queries as it's not legal.

Keyur

Keyur (Querist)
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29 November 2023 Can we pay local tax based on property valuation amount i.e 85 lacs instead of 49 lacs??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2023 Yes you can pay no problem.