Hi Friends,
How tax is applicable on under develop property, If we sell the same before getting possession ? I wanted to purchase the new property from the proceeds of the current one which i want to sell. So will i get exempted from tax than?
And what all documentation required to sell the same? Can i sell it before making agreement?
Regards
Nis
Exploring Tax Implications and Exemptions for Selling Underdeveloped Property Before Possession: Key Considerations and Documentation A user inquired about the tax implications of selling an underdeveloped property before obtaining possession, intending to use the proceeds to purchase a new property. They asked whether such a transaction would qualify for a tax exemption and what documentation would be necessary to complete the sale, including whether it could be sold before making an agreement. The response indicated that more details about the case are needed for a comprehensive answer. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
