income tax matter
I am self employed (consultant) in Pimpri-Chinchwad and my annual income after office expenses, rent etc. is approx. 2 lac, hence I am not filinf any i.t return for last 3 years. Now my problem is, I had bought a flat in Chinchwad during 2007-2008 for Rs.9.88 lac (with reg. charge etc. say 11.00 lac. In May,2012, I agreed to sell it to a person for Rs.15 lac. The proposed purchaser could not raise a loan ( this was built on guntevari sanction and banks refused loan). I had then accepted to accept installments for 6 years @ 25,000/- per month, and upon this oral understanding I put him in possession of my flat. Now he completed almost full payment and we want to register the sale deed. Now I constructed a house for my son at native place with the sales proceed of the flat. Do I have to pay a tax on this sale? Pl advise more
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better consult a Tax consultant due to the fact that as per calculation of Mr. Sasidharan B, you tend to have Capital Loss which with proper advice could be set off against future Capital Gain. need to understand Date of Sale also as you were taking 25k p.m. and not full sale proceed at one go. more
Mar 25
Dear Sir, I supported Mr. Sasidharan B Advice. But I add one more think is please two years return's means 2014-2015 & 2015-2016, because you have a time. Second we you worried about tax against your property sale, so my advice you invest Difference amount of Rs 4 Lac. in 54 EC bond NHAI Or REC. This option gives you more relaxation. more
Mar 24
