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Transferring New Flat Ownership - Tax Implications?

Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Aug 17, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by M on Aug 16, 2024Hindi

Money

Ten years ago my son booked under construction flat for one crore rupees. Now flat is ready for possession and son is transferring the allotment letter to his father before the registration.For stamp duty calulataions the circle rate of the property is two crores. what is the income tax implication for both son and father?

Ans: Gift received from son is not an Income. So there will not be any tax implications on transfer of flat by son to father. In future when father transfer the flat, cost to the previous owner (son) will be cost to current owner (father). Date of acquisition will also be date on which son acquired flat.

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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Me & my father bought one flat @INR 50 lacs in 2012. Later in the year 2021 the same flat has been transferred to me by father. Now, I am in the process of selling this flat @INR65 lacs (approx.). Is there any tax applicable on this? Please suggest.

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Sir My parental property is divided into two shares (Brother& Sister) and we sold it in 1.18 crores.If the registry will be for 96 lakhs both of us will get,48 lakhs out of which if I will purchase flat for 26 lakhs and registery will be done for 2 lakhs and taking shop on rent for 40000/- On my 20 lakhs tax will be levied or it will be under exemption Please guide

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my house indexed cost of acqusition (price ) is 50 lakh that bought 10 years ago that i am going to sell in 90 lakh but circle rate is 30 lakh what will be tax and stamp duty rule in india

Ans: 01. LTCG in this case would be Rs.40.00 lakhs (Rs.90.00 minus Rs.50.00 lakhs) & LTCG tax would be @ 20%.
02. Stamp Duty rule is a State subject & varies from state to state. Please verify the same from concerned registration authority of the state, where deed is likely to be registered.
03. With effect from 23.07.2024 you can also opt for LTCG with an alternative tax rate of 12.50%, without Indexation. Please check calculations under both options & decide.
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I had bought a flat in 2011@43 lakh, that time the builder asked me to put 18Lakh in the sale deed to get benefit in stamp duty. That time I had taken 60% loan from SBI and the loan is already cleared. The current price of the flat is 1.2 Cr. If I sale the flat now on what price the tax will be computed.

Ans: Amount mentioned in sale deed will be considered for calculation of capital gain

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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