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Selling Penthouse for 2.3 Crore: Tax Implications for Ashok Ghai?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Oct 25, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Jul 26, 2024Hindi

Money

Dear Mr Vivek I am salaried person and selling my pent house at noida @2.30 CR and my buyer need to pay all amount in cheque or bank transfer please advise the tax and tax gain etc and further if i buy new house the owner want A and B amount .which is deal with all land lord happened please advise can i go with all A if so than tax ? thanks and regards Ashok Ghai

Ans: Hello, need some more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I sold my father's house for Rs 2.30 crores and bought another house for 1 crore 40 lakhs Out of the amount I received for my sold property I transferred 28 lakhs to my sister's account as a gift from my side Pls note i just transferred the money didn't give it like a gift deed How much tax would I need to pay

Ans: I understand that you got flat in inheritance as legal hair as sole owner of property for income tax purpose. In case entire capital gain amount is invested in another property as per specified conditions, no tax on gain amount of property.

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Dear Sir I have received 4 flats from Developer in exchange of giving our house for redevelopment. Now I want to sell one of my flat which according to deal will 51 lakhs. The purchaser is only able to give me 6 lakhs in cash & rest 45 lakhs he will arrange in loan from bank. hence kindly advise me will the amount I receive be taxable. Also note as we have received my flats against redevelopment there is no valuation mentioned on Registration papers. Kindly advise will I have to pay tax on 45 lakhs

Ans: The cost of your house prior to redevelopment will be split in the proportion that you have received 4 flats and thereafter cost will be arrived and then indexation will be applicable accordingly which will inflate your costs. Will require the details of when the flat was bought and at what rate to answer in detail.

Please reach out to your CA as well before moving ahead.

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Question by SA - Oct 20, 2024Hindi

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Myself 55 years old,, i am going to acquire a residential house (47year old) property by way of will from my mother,, i want to sell it at a price of 150 lakhs what will be the tax i need to pay ,, educate me

Ans: Yes the tax will be applicable as if your are the owner of the property when it was purchased by your mom
There are different ways to calculate the taxes

Do let me know your views on this on my LinkedIn profile, attaching my profile :
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