Related To Property Purchase

Dear Sir First you sell the house and then purchase. Please give me RANK FIVE (5) if my answer satisfies you

First sale the house and then invest the sale proceed in purchasing the second house to avoid/minimise the tax implications,

you can do as you wish just have the income proof to show when required at any point other wise the property belongs to your mother there is no legal provisions to prohibit you from buying or selling

It would be better to utilize the amount yielded by Sale of one property and invested in the other. Otherwise the proposition will bee a bit cumbersome. Please give Rank Five and follow me after reviewing my resume.

There is implication of tax when you sell a property. It may be short term or long term capital gain tax. There is no tax to be paid if you use the entire gain from the transaction to buy another house within two years or construct one within three years. The two- and three-year period applies even if you bought another house a year before selling the first one. But the property should have been bought in the name of the seller. In case the entire capital gains are not invested, the balance amount is charged to long term capital gains tax. However, the entire tax exemption will be reversed if the new property is sold within three years of purchase or construction. In such a case, the entire capital gains from the sale of the previous house will be considered as short-term gains and taxed at the normal slab rates. If you are not keen to lock-in your gains from sale of the house in another property, there is another way out. You can claim exemption under Section 54 (EC) by investing the long-term capital gains for three years in bonds of the National Highways Authority of India and Rural Electrification Corporation Limited within six months of selling the house. However, one can invest only up to Rs 50 lakh In case of any further consultancy and advice for tax consultancy please get in touch with me and review my profile and rank 5 star points to me.

Dear Sir You have to sell house at mandsaur and then purchase otherwise you cannot satisfy Income Tax authorities. please give me RANK FIVE(5) if my answer satisfies you