dear sir,
i entered into agreement of sale with a prty in the month of may 2012 . the agreement was notorised and alomost 38% payment has been made by mode of cheque.
effective 01.01.2013 ready recknoer price of the property has been increased 12 times.
in this case will i be liable for differential tax liability as per new income tax laws effective 01.04.2013 as the supplemental lease deed can only happen after that.
Your tax liability would arise only if sell the property. Else no tax is required to be paid by you.
However when you let-out your flat on lease then the lease rent recd would be taxable as Income from House Property in your hands.
dear sir,
case history:
MIDC value of property is Rs. 520 per sq. Mtr and ready reckoner rate is Rs. 6000 per sq. Mt.
Kindly advice on how to avoid IT liability
CAclubindia
