Incometax on purchase of property
This query is : Resolved
Vishnu Kumar Sodhani
(Querist)
03 May 2015
My query is as under:
I have purchase one shop in 2012 when government rate is 4000/- psqft. I have simply made an sale deed with the builder.
Now in 2015 when shops are ready for possession, I meet to him for registered agreement. Now the government rate is Rs.5000/- psqft. The builder asking to pay the tax on the difference amount of Rs.1000/- psqft. I told him that i will pay only the stamp duty & reg. fees as per the today's rate.
I am correct or should I have to apy the the I. Tax to him on the diff. amount?
Under which section it is taxable.
Please help me.
I have purchase one shop in 2012 when government rate is 4000/- psqft. I have simply made an sale deed with the builder.
Now in 2015 when shops are ready for possession, I meet to him for registered agreement. Now the government rate is Rs.5000/- psqft. The builder asking to pay the tax on the difference amount of Rs.1000/- psqft. I told him that i will pay only the stamp duty & reg. fees as per the today's rate.
I am correct or should I have to apy the the I. Tax to him on the diff. amount?
Under which section it is taxable.
Please help me.
Nikhil Kaushik
(Expert)
03 May 2015
you are correct. builder needs to manage his taxation on his own.
Vishnu Kumar Sodhani
(Querist)
04 May 2015
But is there any tax liability on the builder and under which section of I.tax ?
Vishnu Kumar Sodhani
(Querist)
04 May 2015
But is there any tax liability on the builder and under which section of I.tax ?
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