Advanced Income Tax on Property Purchase
The following is to be applied for Financial Year 2014 to 2015 with effective from July 1, 2014.
Buyer with NTN number has to pay 1% Advanced Income Tax and Non Tax Payer buyer has to pay 2% Advanced Income Tax on purchase of property worth 3 million and above.
Seller has to pay 0.5% Advanced Income Tax on sale of property worth 3 million or more.
New booking of plots has to charges Rs. 100 / sq yards. as sale Salex Tax. For constructed Housed or Plaza Rs. 50 / sq ft will be charged as Sales Tax.
