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.
Menu
Property - capital gain
Replies (4)
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?
Recent Topics :
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
- Company data for software
- Car purchase to be eligible for ITC
Related Topics :
CAclubindia
