One of my realtive is selling a property with registry amount as 49 lakhs. Can I take 15 lakhs more in white as fixture and fitting? Will it cause any tax issues? Will it lead to payment of 1% transaction tax?
I will appreciate quick response.
One of my realtive is selling a property with registry amount as 49 lakhs. Can I take 15 lakhs more in white as fixture and fitting? Will it cause any tax issues? Will it lead to payment of 1% transaction tax?
I will appreciate quick response.
Question is unclear. If the property price exceeds Rs. 50 lacs in the sale agreement, section 194-IA shall apply and 1% TDS will be deducted by the buyer.
Thanks. I would like to limit property value to 49 lakhs to avoid TDS complications but want to take more amount in white. What are the options to more money in white?
Check how much is the ready reckoner rate for this property. Too less price on paper is also not good. You may reduce the cash and increase the white component if you don't want to exceed 49 lacs mark.
As per govenment, minimum registry amount for this property is 35 lakhs but buyer is ready for register upto 48-49 lakhs. Can I take approx. 10 lakhs as fixture and fitting?
Vardhaman Group of India
Pimpri Chinchwad
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O P Bagla & Co LLP
New Delhi
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