POSTED BY July 24, 2014 10:43 pm COMMENTS (4)ON
I have a confusing situation before the registration of my flat.
I have purchased a flat as ”resale” from an owner after it was launched by the builder and before the old owner took the possession in 2011.
I got a bank loan of 20 lakhs and payed 5 lakh check to the previous owner. So the builder replaced my name in the old owner’s name in his documents and when I received the papers the value of the flat was mentioned as per the old value i.e. 11 lakhs.
Now at the time of registration the builder is doing the valuation as 11 lakhs and paying the stamp duty(6%) as per that. This comes around 70000 including some paper fees as well.
My Question is as follows.
1- Should I go ahead and register the property on 11 Lakhs or go for the current valuation of the property (which the builder mentioned is not possible and they are not going to do that as they have to pay some taxes as well)?
2- Let\’s say I did the registration on 11 lakh now and I want to sell the property after 5 years then how the capital gain calculation will be done ?
Will it the purchasing price actual (25 lakhs) be taken into consideration or they will take 11 lakh as the purchasing price. ?
Capital gain = (selling price – 25 or 11 lakh*(index of selling year/index of 2011))* 20%