Tax aaplicable on other income for a salaried person

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  1. Ujwal Ghate

    Ujwal Ghate New Member

    Dear Sir/Madam,

    I have sold my property for 11.40 lacs & I have received all this amount in my account , now buyer has taken loan from his company for purchasing this flat & company has a rule of transferring this amount in seller's account only. If I take this amount in my account & return him immediately within a day or two, what would be tax applicable to me? Also I am salaried person with @ 9 Lacs INR Per annum.

    Please suggest
     
  2. rudrabose

    rudrabose Active Member

    1. There will be no tax implication of the fact that you have received the amount from the Company and then given it to the buyer
    2. Capital Gains Tax would be levied on the sale of your flat which you have sold for 11.40 Lakhs and the payment for which has already been received by you. For manner of computation, kindly refer - http://www.charteredclub.com/capital-gain-tax/
    3. Tax on you salary income would be levied as per the income tax slab rates. Kindly refer - http://www.charteredclub.com/income-tax-slabs/
     
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