Shailesh 16 July 2019

Capital gain from resale flat

Hello Experts, I have sell my flat for X amount , the lawyer made agreement for Y amount which is less than X ( the actual sell value ) just to reduced the stamp duty charges to the purchaser , in this case I gain X-Y diff amount as benefit, Just wanted to know is their any tax on this amount, and how much. Appreciate your quick reply

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5 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 16 July 2019

Ji, tax is leviable on the difference amount. However consult a local CA/Taxation lawyer.

Shailesh 16 July 2019

Thank a lot for quick reply . The flat is 10 + year old , in this case also tax applicable ? How much percentage plz let me know

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 17 July 2019

Capital gain calculations is having a formula. These calculations show the approximate capital gain taxes deferred by performing an IRC Section 1031 exchange with Asset Preservation, etc. Inflation index also take into consideration.

Shailesh 17 July 2019

Thanks a lot Sir for the information !

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 17 July 2019

Please approach a Chartered Accountant for better guidance and handling the matter of Capital Gains and filing of your Tax Return for the year in which you sold the property.