Hi there,
We are trying to sell a property at pune. The buyer is not willing to pay the advance and wants to go for registration directly with post dated cheque from bank. Is it safe? What are the measures to be taken?
My second question is: The property we are selling is bought in December 2006 at Pune. We are currently in an own house at Hyderabad bought in August 2008 and both the properties are on loans and are currently running. The property in pune is bought for 13.5lakhs (11.73 lakhs from bank) and will be sold for 28lakhs now. The loan balance with the pune house is 9lakhs still. We still have 19lakhs of loan on the property at Hyderabad.
We would like to repay the Hyderabad house loan from the amount we get from the pune house sale (minus the outstanding 9lakhs loan pending on that). Will we be taxed on the transactions of the sale? If so, how much? We do not prefer to lock the amount in capital gains and keep paying the loan interests for Hyderabad property. What do we do and what are the options available?
Kindly advice
