Sayed Maqsood Ahmed 18 July 2022

sell of flat

dear learned advocates,

I purchased a 2bhk flat in Pune,Maharashtra state in 2002 while I was working abroad for Rs 22 lacs.

I returned to India permanently in 2019.
Now I want to sell this flat for around 70 lacd. Would like to know if there would be any capital gain tax and TDS. If yes how much.

appreciate your immediate legal advice

Best regards

Reply Follow

5 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 19 July 2022

Hello,

Yes, if you don't reinvest it you will have to pay the capital gain tax. While selling the flat the purchaser has to deduct the TDS and deposit with govt.

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 19 July 2022

Irrespective of the status of the owner selling a flat, the sale consideration is subject to capital gains tax. How much it would be and how it is calculated are matters well advised by a Chartered Accountant or an Income Tax Practitioner.

Yes if you invest the sale consideration in the Capital Gains Savings account, you do not have to pay capital gains tax immediately provided the proceeds are used to purchase another property. The Capital Gains account cannot be continued for longer periods. Its only a stop-gap arrangement till the individual decides to purchase alternate property.

Sayed Maqsood Ahmed 19 July 2022

Many thanks sir for your valuable legal opinion

Best regards

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 19 July 2022

It's not exactly a legal matter Sir. But it's more of a matter relating to Income Tax. My sincere advise to you is to contact a good practicing CA or an Invome Tax Consultant.