Sale of Flat in Nalasopara, Mumbai, Maharashtra.
This query is : Resolved
Quick Summary
14 December 2020
Flat bought in Yr. 2003 = Purchase Value 375,000 Rupees.
Flat Sales in Yr. 2020 = Sale Value 22,500,000 Rupees.
Agency commission - 2%
Society transfer charges shared by but=yer and seller in 2003 purchase = 12,500 INR
Society transfer charges shared by but=yer and seller in 2020 sales = 12,500 INR
Yearly Society maintenance Charges - last 17 years 825 INR per month * 204 Months =168,300 INR
Electricity and Water charges - 200 INR per month * 204 months = 40,800 INR
Renovation expenses - 200,000 INR
Inter State travelling expenses to check the flat condition yearly = 5,000 INR x 17 years = 85,000 INR.
Seller is residing and working abroad last 17 years since it was bought in 2003 and the flat was never occupied.
What would be the tax implications on the seller on the sale of this flat and what process need to be done?
Flat Sales in Yr. 2020 = Sale Value 22,500,000 Rupees.
Agency commission - 2%
Society transfer charges shared by but=yer and seller in 2003 purchase = 12,500 INR
Society transfer charges shared by but=yer and seller in 2020 sales = 12,500 INR
Yearly Society maintenance Charges - last 17 years 825 INR per month * 204 Months =168,300 INR
Electricity and Water charges - 200 INR per month * 204 months = 40,800 INR
Renovation expenses - 200,000 INR
Inter State travelling expenses to check the flat condition yearly = 5,000 INR x 17 years = 85,000 INR.
Seller is residing and working abroad last 17 years since it was bought in 2003 and the flat was never occupied.
What would be the tax implications on the seller on the sale of this flat and what process need to be done?
Lekhraj sood
(Expert)
14 December 2020
No GST, You will have to compute capital gain tax.
14 December 2020
Since I have NRI status, is it required to declare for this sale. If yes. what would be tax rate and tax payable based on above figures.
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