Results for #purchase

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Answered on November 09, 2017
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  • The process for buying of properties by an NRI is same as that for resident Indians. The procedure for foreign nationals is differnet and requires permission of the RBI.

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    Answered on November 09, 2017
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  • Yes, tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration.

    As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.

    As far as date of purchase is ...
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    Answered on November 09, 2017
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  • Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the residential flat is held by you for a period more than 24 months than the same will be long term else short term. Indexation needs...
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    Answered on November 09, 2017
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  • The liablity to pay service tax is on the service provideer (builder in this case). Service tax department cannot raise demand on the buyer of the property to pay service tax on behalf of the builder.

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    Answered on November 09, 2017
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  • Mumbai real estate prices historically have increased at the rate of 15-18% annually over the last 50 odd years. Reasons for the same have already been answered in another question in the same category.

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    Answered on November 09, 2017
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  • Yes, you can give a POA to your mother to conclude the sale on your behalf. The POA can be executed by you before the Indian Embassy in Tanzania or closest to you and the same can then be forwarded to India for adjudication and payment of stamp duty and thereupon your mother can utilise the same for concluding the sale.

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    Answered on November 09, 2017
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  • In order to save tax on capital gains arising out of sale of residential flat, expemtion can be claimed under section 54 of Income Tax Act i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act. The new residential property so purchased should be held by you for subsequent period of 3 years. In case ...
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    Answered on November 09, 2017
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  • If the Villa forms part of the land Owner's share, then a Tri-partite agreement bettween the land Owner, the Builder and yourself can be executed, where the builder confirms tha the Villa forms part of the land owners share and further, the land owner agrees to sell the same to you. If the tile of the land Owner is clear and the JDA is properly executed and registered, then the risk would only ...
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    Answered on November 09, 2017
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  • Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. While the sale consideration will be proportionately divided by the area of the flat, the purchase value of your flat will be aggregate of the following:
    1. For 318 sq. ft - original purchase value as per agreement.
    2. For 100 sq. ft. received free of cost - NIL
    3. For 1...
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