Selling of Building

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1238 Points Posted on 04 March 2020
Dear Friends,
3 years before building Purchased and registered at 55 Lakhs. Now, we will sell this property at 95 Lakhs. So, buyer will deduct 1%TDS u/s 194IA. Seller need to pay any Income Tax for Capital Gain? Seller is already having bank loan against this party as well as planning to buy new property for the same value.

mohanraj_vkj @ yahoo.co.in
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On 04 March 2020 at 22:05 Report
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Quick Summary
This discussion addresses the tax implications of selling a building purchased for £55 Lakhs and being sold for £95 Lakhs. The seller is concerned about Capital Gains Tax after the buyer deducts 1% TDS. The advice provided clarifies that the seller is liable for Capital Gains Tax but can claim an exemption under Section 54 if they purchase a new residential property of equivalent value.

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13 Points Posted on 05 March 2020
Seller is liable to pay Capital gain tax and since you are going to purchase a new residential house property you can claim that as Deduction U/S 54
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On 05 March 2020 at 18:17
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1238 Points Posted on 05 March 2020
Thank you so much
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On 05 March 2020 at 18:59

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