yes,capital gain
Selling flat
Do I need to pay any kind of tax on the amount I get after selling my flat?
Asked 10 years ago in Property Law
7 Answers
If the purpose of selling is to use the whole amount to purchase another flat or to use it for paying the college fee?
Asked 10 years ago
if you buy another flat with that amount then you will be exempted for capital gain
If I am keeping that amount in my bank account and paying the college and hostel fees annually or semi-annually. Then Also I will be needed to pay the tax?? I have pan card but I am just a student.
Asked 10 years ago
when did you purchase the flat ? what is the holding period ? your query is sadly lacking in details .
It was purchased by my father in January of the current year.
Asked 10 years ago
Also my father does not have any income anymore. He had a small business which he has handed over to my brother.
Asked 10 years ago
what ratio do you have in black and white,for taking benefit of capital gain the amount has to invested within 3 years
You meant to say if i am keeping that amount in my account. Then there wont be any tax upto 3yrs...?
Asked 10 years ago
if you sell the flat and make some profits it will attract capital gains . consult your CA before taking any decision
Its means if I am selling it on the purchasing price. I do not need to pay any kind of tax.
Asked 10 years ago
Also if I am making some gains for eg 1 lakh...,then I have to pay tax for 1 lakh. If I am investing even the gain of 1 lakh in new flat. Then I dont need to pay any kind of tax. Am I right?
Asked 10 years ago
Yes, you shall have to pay the tax on the capital gain only if the amount gained crosses the taxable limit,
yes if you make capital gains then only you have to pay taxes