Property selling

AJAY (Querist) 13 May 2017 This query is : Resolved
15 year ago my friend had purchased a property of RS.10 lacs now at present his property value is 70 lacs Can he deposit the 70 lacs in his saving account and get the FD done of 70 lacs.

Should he take the 70 lacs in cash or cheque?
how much tax should he has to pay ?
and what if he purchase another property with the same price will he still have to pay tax?
Has he to open a some difference account ?

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kavksatyanarayana (Expert) 13 May 2017
Consult local charted accountant and also the lawyer and they will guide you how to proceed.

Sri Vijayan.A (Expert) 14 May 2017
Now, after 08.11.2016, you cant get the amount in cash.
The transaction will attract capital gain, He would have to pay the tax. For the exact amount a chartered accountant shall guide you.
If he purchases another property for Rs.70L, he need not to pay tax.

Rajendra K Goyal (Expert) 14 May 2017
He has to pay long term capital gains on the sale proceeds.

Better he should receive the amount through Bank draft.

He can purchase another property or invest the long term capital gains in prescribed bonds as per IT act.

Guest (Expert) 14 May 2017
Agree with Experts

Dr J C Vashista (Expert) 14 May 2017
Capital gains (long term) shall not be applicable when you have reinvested the proceed.

Discuss with a CA or local lawyer practicing in taxation for proper analysis and guidance.

Kumar Doab (Expert) 14 May 2017
Agreeing with Mr.Sri Vijayan.A , Mr. Rajendra K Goyal , Dr J C Vashista, your CA, ITax lawyer shall guide with finer details.

Guest (Expert) 15 May 2017
Agree with Expert

Adv. Yogen Kakade (Expert) 15 May 2017
Entire consideration of 70 lakhs by cash?????
and who advised you to do that or told you that it is possible?
Ask some serious question.

Kumar Doab (Expert) 15 May 2017
Good to see statement of agreement with expert.

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