Sir A property in Chennai 2940 sq.ft owned by seven siblings. We plan to have alogation at Construction. With developers / Builder 4 unit to build us 2 for developers Total 6 2 sq.ft 6 units. 3 deduction is sold to the buyer. The involvement of stamp duty by the owners to be paid?and the contractor Consraction convention Sramp obligation. All claims are passed on to the owner through the owner. Capitable Applicability Pl On the date of the sale of the units The capital gain will again be taxable and that the selling time would be the value of the stamp tax at that time and the cost of the acquisition would be the value of the stamp tax today. You must pay the capital gain twice first against the sale of land and, second, the sale of housing again. Well-written articles. It is an eye opener for many owners who are under the general impression that, because it is not taken into account either in the transfer of built floor or apartment to the owner and the owner to build to the owner in the rest of the building for them, there is no capital gain and therefore the payment of no tax on the capital objective by the owner.
I have always found that, in cooperation agreements, there is always an element of capital gains tax that the owner must alleviate in the circumstances. According to a July 2020 report, the Tamil Nadu government should reduce stamp and registration fees for all leases over 12 months. This is one of the conditions set by the World Bank for the financing of the housing sector strengthening programme in Tamil Nadu. Ques: Does the amendment also apply to agreements reached before 01.04.2017? Documents that do not have to be registered but must pay stamp duty This tax is calculated as a function of the value of the property and is generally a part of the total amount payable. While the rate of stamp duty varies from state to state, the general basic principle underlying the levy remains the same. Stamp duty is considered a legal tax that must be paid in full during the conclusion of a transaction. While the buyer usually pays stamp duty, there are cases where the buyer and seller decide to distribute stamp duty in accordance with a previously signed contract. 1. The capital gain is taxed during the year of the certificate of completion. The value of the tax on the stamp of the apartments and the bank transfer you received from the owner would be the value of the sales tax.
TDS, if the contractor is removed, is presented and the certificate of completion is claimed during the year. Capital gains only occur for your stock. The acquisition cost is only the value of the stamp tax. (ii) “specified agreement”: a registered contract in which a person who owns real estate or real estate or who owns both agrees to authorize another person to develop a real estate project on that land or building, or both, taking into account a portion, by country or by building, or both, of a project of this type, with or without payment of a portion of the consideration in cash; Years: If you entered into a cooperation agreement before 01.04.2017, the author believes that you were subject to capital gains tax at the time of the contract with the owner. If it is a JDA, that is, a joint development agreement, the income is taxed the year in which you receive the final certificate. The consideration of turnover would be the value of stamp tax on your real estate share in the year of completion, as added by the money received this year. After reading the above article, it seems that the sales agreement with Builder 1) Consult a local stamp seller should be. Adv Dr Katta Vijayawada CLICK LIKE cross the thumbs up like a button to promote my legal points. We are the brothers who co-own a property with a built residence.