As a seller, you should have a complete understanding of the obligations you are required by law to fulfil as well as your legal rights in relation to the sale of your property. This chapter will examine the obligations and rights you must be aware of in order to be a knowledgeable property seller. Additionally, the profit made from the sale of your property would subject you to tax obligations on top of the legal obligations.
Capital gains tax on the sale of property
When someone sells a property that can’t be moved, like an apartment, they get money. Depending on when the sale takes place, there may be tax consequences for the money that is made. When you sell a capital asset, like a house, the money you get from the sale is called a “capital gain.” On this gain, you have to pay a tax called the capital gains tax. READ MORE…
How to save on capital gains tax when selling a property?
You sold your property and made a profit from it. Let’s say you bought it, kept it for a year, and then sold it. In that case, the money made from selling it will be thought of as short-term capital gains. These gains are added to your taxable income and taxed based on your income bracket. There are no ways to get out of paying this kind of tax. READ MORE…
Duties and Rights of a seller under the Transfer of Property Act
The seller’s duties and rights are spelled out in the contract, which is talked about and signed by both parties (buyer and seller). If there is no such agreement, Section 55 of the Transfer of Property Act of 1882 tells the seller what he or she has to do and what rights they have. READ MORE…
