Query on Sale of Flat and Income Tax effect

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futureplanner (Querist)
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05 January 2025 Hi

I have purchased a flat in the year 2021 on my name.

Brief of my sale deed important figures

In the sale deed it's mentioned as total cost as
- Rs.21,15,00/-
This Rs.21,15,00/- has breakdown of
- Flat Area: 1020 SFT * Rs.2000 = Rs.20,40,000/-
- Parking Area: 100 SFT * Rs.750 = Rs.75,000/-

Now, I would like to sell it at Rs 5,500/sft.
Buyers want to go for housing loan and do digital payment or cheque.

Assuming if total sale transaction amount is transferred digitally would it attract tax?

If it attracts tax
- Can I get an exempt from capital gains if I purchase another flat in < 2 years let's say 2026/2027?

Other question is
Some of the interested buyers doesn't want add the actual figure in Sale deed to reduce their GST and stamp duty.
Assume "x" in sale deed and 2x is acutal sale consideration.
Then if the whole 2x amount is transferred digitally would it attract tax

What's the recommeded approach. I am looking forward to buy a flat in next 2 years would that help me to exempt from Captial gains though the whole sale amount is credited to my bank a/c digitally

Your valuable expert suggestion is highly appreciated.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 January 2025 1. a. Yes, LTCG tax liable.
b. Yes, eligible u/s. 54 IT act.
2. Yes, over the total consideration received in bank.
It is trivial issue. you may get exemption only for the consideration mentioned in agreement.

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