Once you decide to promote your house, it can be useful to start out pondering of your self as a businessperson and a home vendor, somewhat than as the house’s owner. You possibly can claim exemption beneath Section 54 (EC) by investing the lengthy-term capital features for 3 years in bonds of the Nationwide Highways Authority of India and Rural Electrification Company Limited inside six months of selling the house.
It’s important to keep watch over the calendar if you promote your home In case you don’t time it well, you possibly can find yourself paying a hefty tax If a property is offered inside three years of shopping for (acquiring) it, any profit from the transaction is handled as a short-term capital acquire in the hands of the person.
Now it’s essential to put together the Vendor’s Assertion (or Section 32) on your property and the Contract of Sale via your solicitor or conveyancer. The 2- and three-12 months period applies even should you purchased one other home a 12 months earlier than promoting the first one.
After signing the notarial deed, you will be the official proprietor of the property, and you will have to pay the annual property tax. There might be two copies of the sale contract: one for you and one for the buyer. For those who’re fascinated about promoting your home, chances are high there are a few repairs that may enhance the appeal of your home and even increase its worth.