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POSTED BY ON November 6, 2012 11:40 am COMMENTS (3)
Hi,
My father (senior citizen) owned a shop on a pagadi basis for the last 30-35 years. No we have sold it(actual transfer). Now there will be transfer of tenancy rights from my father to new tenant thrugh landlord. And we will receiving the payment fro this transfer as mutually agreed between new tenant and my father.
1. is the payment received from this tranfer subjected to any tax ?
2. If yes then how can i save the tax ?
Thanks,
Hitesh
2021 © Jagoinvestor.com All Right Reserved
Dear Hitesh, this issue is not related to personal finance & more a commercial finance issue so please consult a CA or tax professional..
thanks
Ashal
Havent heard any case like this before .. I assume that this will be like a SALE of your property only ,even though the means of selling is on padgi basis. Was there any Purchase agreement done ?
Manish
As per the lawyer of new tenant , there shall be only transfer of tenancy rights (or goodwill) from the old tenant ( my father) because the old tenant cannot sell the property as he is just a tenant and the property belongs to landlord.
Actually what happens is the old tenant has to return the property to the landlord and then landlord may give it to the new tenant. But nowadays the deals are taking between two tenants with some amount being paid to the landlord.
In my case i will paid the amount through cheque, so must know the impact of tax and also how to save it ? (like investing in another property or locking it in property account for certaib period).
Hitesh