Income tax on property purchase

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 allotted plot to M/s. ,ABC life sciences 2009.
• Medi path sold the property to – M/s. Raj industries. M/s. Devi industries has paid 100% payment to them.
• Registered power attorney was issued in the name of one partner of M/s. Devi industries.
• M/s. Devi industries made an agreement to sale of  a portion of property to us on a notarized stamp paper. M/s. ABC life sciences is a consenter to this agreement (signed by their attorney on their behalf)
• We have paid 38% payment till date.
• Final supplemental lease agreement shall be made between us , M/s. ABC Life sciences (through the POA holder) & MIDC

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