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Author Topic: How to sell DDA Flat (Delhi) Allotted In 2017 Scheme with proper legality  (Read 494 times)

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Offline reflective

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Hi There.

I am successful allottee in the DDA housing scheme 2017 of Delhi and with God's grace, I have got a flat in good location. Although I am willing to keep this flat for my personal use and will most probably be able to get the housing loan from the bank, but I do not have arrangement of money 20% money as the bank will provide only 80% of the loan of the cost of flat.

Now I have property dealers calling me daily to sell this flat off either on:
  • Premium of x amount or
  • on Total flat cost as agreed (amount agreed - dda flat cost)

In both the cases, Financer is involved who will pay the money for flat.

My question is how can I enter into the deal in which I can comply with Govt Norms and also be safe from income tax point of view?

I am bit afraid as there would be the transaction of lakhs into my account that too twice: First by Financer and second by the actual buyer of the flat.

PLEASE HELP!!!!

Offline advjaibansal

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Dear Sir,

This is how the transaction is done. Financer will pay you to pay to DDA and buyer will pay you the cost of the flat at the time of purchase. Once you receive the amount, you will pay back to the financer. There wont be any problem. Please do everything in writing rather than oral agreement and oral transaction. Please retain a lawyer, who will help you out in all the drafting work such as agreements and other details and save your interest.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline reflective

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Dear Jai Sir,

Thank you so much for your reply. I want to have little more clarity on the same and hope you will help me out.

Let's say Market-value of the Flat is 10.
DDA Demands = 7
Financer deposits = 8 (in my account)
Financer sells to actual buyer = 9 (and he deposits it into my account)
Then from the tax point of view, I will have an excess of 2 (9 - 7) in my account and therefore income tax will be charged on this amount.

My question is how to save tax on this amount and which all documents should I get documented?


Offline advjaibansal

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Dear Sir,

That is your profit on selling the property. This is called capital gain. If you re-invest the same in the property then there is no tax within a year I think. If you don't re-invest, then you have to pay the tax after exemption and deductions.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline kalaskarkk

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Re: How to sell DDA Flat (Delhi) Allotted In 2017 Scheme with proper legality
« Reply #4 on: February 04, 2018, 08:22:33 AM »
Dear Sir,

Pleas follow the advise of Mr Jai.
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
kalaskarnetra@gmail.com
Call me for clarification

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