Tax on sale of property
This query is : Resolved
21 October 2013
Hello:
i booked an apartment in Bangalore in June 2008. On february 2013, i got it registered in bangalore itself. The construction agreement is for Rs 18,43,044/- and the sale deed is for amount Rs 27,06,250/-, which total Rs 45,49, 294/-. In addition there is a registration amount of Rs 151610/- and registrar charges of 28335/-.
Now i want to sell the apartment. The agreed price is 60 lac. However the purchaser wants to overquote the agreement for 70 lac to get additional loan with the understanding that i reimburse the 10 lac back to him. He also agrees to reimburse the tax i need to pay in case of this overquoting.
My question is
a) what is the total tax i need to pay for this transaction (short term capital gains)
b) Considering difference in the sale deed and construction agreement during purchase and similar when selling, what will be considered? only sale deed for tax consideration or both sale deed and construction agreement values?
How should i approach this issue?what can be the suggestion. i am at highest tax bracket.
Thanks
Ashish
i booked an apartment in Bangalore in June 2008. On february 2013, i got it registered in bangalore itself. The construction agreement is for Rs 18,43,044/- and the sale deed is for amount Rs 27,06,250/-, which total Rs 45,49, 294/-. In addition there is a registration amount of Rs 151610/- and registrar charges of 28335/-.
Now i want to sell the apartment. The agreed price is 60 lac. However the purchaser wants to overquote the agreement for 70 lac to get additional loan with the understanding that i reimburse the 10 lac back to him. He also agrees to reimburse the tax i need to pay in case of this overquoting.
My question is
a) what is the total tax i need to pay for this transaction (short term capital gains)
b) Considering difference in the sale deed and construction agreement during purchase and similar when selling, what will be considered? only sale deed for tax consideration or both sale deed and construction agreement values?
How should i approach this issue?what can be the suggestion. i am at highest tax bracket.
Thanks
Ashish
26 July 2025
https://docs.google.com/document/d/1n0A2SteUhGYHFnEF7_DwtaUO2Iuu_TYHM8lJlzVT-8g/edit?usp=sharing
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