1. Taxation:
Taxation is one of the most essential aspects that must be kept in mind while selling any residential or commercial property. The taxation aspect depends on the timing of the sale of the property. In case a seller sells his property within three years of buying the same, he or she is liable for a short term capital gain tax. The amount of profit earned during the sale of the property is added to the annual income of the seller and is taxable according to the income tax bracket of the individual. The new budget has however offered some changes in capital gain exemptions in case the seller invests in certain specified bonds.
2. Liabilities and loans:
In this world of financial uncertainty, there are a number of cases where a property owner with a housing loan obligation needs to sell or dispose off his or her property. Selling a property with any liability or loan is not at all complicated if all documentation and paperwork is followed in honesty. There are two scenarios possible for all property sales. Either the buyer would offer the money from his or her own pocket or the buyer would like to take a housing loan for buying the property.
