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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Customer Question

hi i have today signed an "aggrement to sell " for residential land in gurgaon for 2 crore rs.
payment terms are
i have recvd immidiate payment for rs 75 lacs and bal payment of rs 1.25 crores in may 2013.

i am purchasing a builder floor in south ex part 2 new delhi - for rs 2.5 crore (i will be signing an aggrement in the next 15 days )
i will be paying the amount i am receiving from the sale of my land -as above- as and when i recive the same ie 75 lacs immidiately and 1.25 crores in may 13 and the bal i will remit from dubai (i am a nri) at the time of registry in mid 2014 .

my questions are as follows.
1. if i am paying for my flat - as and when i am receiving my payment for the land sale- am i required to open a capital gain a/c or i can receive the money in my nro account and pay from same to the seller of the flat i am buying.
2 the seller of the flat is also asking me to pay on his behalf directly to the builder of the flats. can i pay directly to the builder instead of the developer if he instructs me in writing to do that ??
3. pl note that the payment for the sale of my land is being received in two financial years ie 2012-2013 and 2013-2014.
but the payment to the develper /builder for the flat i am purchasing is also being made in the same year infact immidiately on receipt of the payment.

pl advice if the above is ok by tax lawa and do i need to open a capital gain a/c or not.

best regards
vijay rampal [email protected]
Submitted: 4 years ago.
Category: Tax
Expert:  Lindie-mod replied 4 years ago.
Hi,
I'm a moderator for this topic. I've been working hard to find a Professional to assist you with your Tax, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Lindie
Customer: replied 4 years ago.


yes i can wait for another day . but if you are still not able to find an expert and answer my question can i request for refund of the money paid .

Expert:  Lindie-mod replied 4 years ago.
Hi

Thank you for your continued patience. We will continue the search for a Professional for you.

Lindie
Customer: replied 4 years ago.


dear lindie you didnt reply to second part of my question.


 


will i get a full refund if you are not able to find an expert in the next 24 hours ?????

Expert:  Lindie-mod replied 4 years ago.
Hello,
Sorry, if you don't get an answer, we can either return your good faith deposit to the original funding source or we can leave your deposit on your account here for future questions.

I will continue to search for a Professional to answer your question.

Thank you

Lindie

Expert:  Lindie-mod replied 4 years ago.
Hello,
I apologize as we have not yet been able to find another Professional to assist you. Would you like me to continue to search for someone to assist you or would you like for me to close your question at this time?

Thank you for your patience,
Lindie
Customer: replied 4 years ago.

pl close my question and REFUND THE MONEY PAID BY ME.


 


PL CONFIRM

Customer: replied 4 years ago.

PL CANCEL MY QUESTION AND REFUND THE MONEY PAID BY ME


 


PL CONFIRM