Buying property after selling one in India is a process that requires careful consideration of various rules and regulations. Here is a detailed and exact overview of can buy two properties after selling one property. Knowing these will help you stay away from property related fraud.
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Yes, you can buy two properties after selling one property in India. There are no restrictions on the number of properties an individual can own in India.
However, there are certain rules in india for buying property after selling the property:
Capital Gains Tax: Capital gains tax is applicable when you sell a property and make a profit. The tax amount is calculated based on the difference between the selling price and the cost of acquisition of the property, and is taxed as either short-term capital gains or long-term capital gains, depending on the holding period of the property.Keep reading can a property seller buy two properties after selling one.
Repatriation of Funds:
If you are a foreign national, you need to obtain prior approval from the Reserve Bank of India (RBI) to transfer the sale proceeds of your property to your home country.
Tax Deducted at Source (TDS):
When the sale proceeds from the property are more than Rs. 50 lakhs, the buyer is required to deduct TDS at the rate of 1% from the sale proceeds and deposit it with the government. The seller can claim a credit for the TDS in their tax return.
Registering the Sale Deed:
The sale of a property must be registered with the Registrar of Deeds in the concerned district.
No Objection Certificate (NOC) from Housing Society: If you are selling a property that is part of a housing society, you need to obtain a NOC from the society.
If you need more help on; can buy two properties after selling one property in India, you can speak to a legal expert to ensure that you comply with all relevant laws and regulations.
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Authors Of The Question
Can buy two properties after selling one property in India?
Eshwar
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1 Answers
1 Year
2023-02-07T15:47:00+00:00 2023-02-07T18:57:07+00:00Comment
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