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Documents on sale of house property

Sameer Wadekar (student) (53 Points)

23 September 2011

On closing the deal on selling my house property, what documents should I keep regarding the transaction? Should they be originals and certified or are photocopies OK? The implications I am looking are as proof for tax filing as well as proof of transaction. When should I demand this document - on agreement or registry of house.

Would the property dealer provide these documents automatically or I need to ask for them.

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3 Replies

Rajagopalakrishnan R (PARTNER) (1417 Points)
Replied 23 September 2011

Please preserve copies of whatever documents u have when u are the owner of the property. Further u need to obtain a copy fo the sale deed executed by you fully signed by yourselves, the buyer and duly endorsed for registration in the registrar's office. Do ask for all copies from the dealer.

Mihir (Wealth Manager) (5293 Points)
Replied 24 September 2011

No dues certificate in your name from your society is also important.

Hari Wadhwa (CA in Practice) (485 Points)
Replied 30 October 2011

Dear Sameer

As you have sold our property, you need to keep the following documents (photocopies off course as original must have transferred to the buyer) in your record for Income Tax purposes & otherwise: -

a) Agreement to Sale

b) Power of attorney

c) Conveyance Deed

d) Certificate/Deed from DDA if it was a leasehold property or freehold property certificate

e) Proof of payment of stamp duty, which you must have paid at the time of purchase of your property

f) All the bills of expenditures incurred for the renovation, repair & maintanence of your house.

g) House Tax payment, electricty & water bills payment proof

h) NOC from your society for no dues pending, if applicable

i) All records of receipt of consideration through Bank & otherwise

j) Proof of making investment for claiming exemption U/s 54 etc , if applicable

Docx for purchase of new Property: -

You should not presume that your property dealer would provide you all the necessary documents automatically, you need to ensure yourself whether you have all the papers required to you or not.