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There are many legal and tax implications levied on property owners that need to be managed professionally. You need practical experience to handle such scenarios, for which our experts are there. You can count on our experts to help you with the legal challenges of real estate. We have the best real estate lawyers to give you the right support in all types of real estate proceedings.
Manage your real estate taxes wisely.
Real estate is fundamental to managing the daily operations and, for an important investment opportunity, you will need advice on legal proceedings and tax issues. Our real estate lawyers will help you make the right strategic decisions as they will guide you through the different aspects related to tax and other implications. As a result, you can get closer to meeting your commercial objectives and carrying out your real estate transactions more effectively.
There can be complex tax issues that can affect your real estate decisions. We have a team of recognized tax lawyers that have helped our clients simplify real estate issues related to tax. For acquisition, development, or construction, there are many legal steps involved. Many are not aware of the capital gains tax as well. Paying the taxes as per the tax slabs and how to save on taxes is an important step where our attorneys can help immensely.
Your Guide to Taxes While Buying a Home
Without a doubt, buying a home is the biggest dream of everyone’s life. But, it doesn’t only involve the amount of a home. Besides, the house-cost there comes with multiple taxes in hand too. So, here is a quick guide to the taxes payable while buying a home.
The foremost tax that is imposed on homebuyers is none other than stamp duty. Basically, it’s a kind of tax that is levied upon by the state government when a property is bought and sold. As per the provisions of the Indian Stamps Act, this tax is charged . Moreover, it is levied on the whole agreement value as mentioned in the Sales Agreement Stamp duty rate. These rates vary from state to state.
As the name hints, registration charges imply the registration of a property. As per the Indian Registration Act, this charge comes along with the stamp duty. However, the amount charged for registration charges varies from state to state. But, no property registration is possible without these registration charges.
Tax deducted at source (TDS):
In the world of real estate, if the cost of a property is more than 50 Lakhs, a TDS worth 1% of the agreement value is required to be paid to the Govt. of India. TDS is yet another integral element of tax that relates directly to home-buying.
GST (Goods and Services Tax): This is a tax that is levied on goods and services.
Apart from goods, GST is imposed on the real-estate sector too. But, only when the property is an under-construction property and the Occupation Certificate (OC) is not been issued. The pre-fixed GST rate for an under-construction property is 12% of the specified agreement value.
So, if you are looking for a service provider to file all your taxes while buying a home, then you can contact us without any further delay.
We will assist with all the tax issues, long term or short term capital gains, property tax assessment, and much more. Get in touch with us today for more details.