Transfer of immovable property
This query is : Resolved
8939650622
(Querist)
10 June 2016
hi experts
I want to purchase an immovable property. when i approached a seller and agreed the same to purchase for 52lacs. and i approached the registrar for knowing the market value of the land. he said it was around 76lacs. since i dont want to pay the tax on difference amount i am planning to start one firm with an objective clause of selling and purchasing the immovable properties. and purchase the land and register the same on the name of the firm....
is it advisable...are there any other sections hits this transaction and which leads to tax payable by me........
I want to purchase an immovable property. when i approached a seller and agreed the same to purchase for 52lacs. and i approached the registrar for knowing the market value of the land. he said it was around 76lacs. since i dont want to pay the tax on difference amount i am planning to start one firm with an objective clause of selling and purchasing the immovable properties. and purchase the land and register the same on the name of the firm....
is it advisable...are there any other sections hits this transaction and which leads to tax payable by me........
Rupesh Jain
(Expert)
10 June 2016
you have to follow income tax section 194IA for deduction of TDS 1% value of property exceeds Rs. 50 Lacs
Amol S Joglekar
(Expert)
10 June 2016
forming the firm will not save the stampduty
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