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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Selling of Building
Replies (2)
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
Thank you so much
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