The tax liability after selling the property is calculated in accordance with the short-term capital gains and long-term capital gains.
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Short-term capital gains are the profits gained on a property sold before completing the holding tenure of 24 months. Such gains are taxable, no exemption provided for them. Whereas, long-term capital gains are the profits gained on property sold after 24 months holding period.
The computation of long-term capital gains is done by deducting the indexed cost of the house from the net sale price. The capital gains calculated thereby are taxable at a rate of 20.80% irrespective of your tax slab. If you are in a fix about how to save tax after selling the property, I will tell you 3 ways to do it.
Buy another residential propertyYou can claim exemption from the taxes easily if you invest your long-term capital gains in a ready-to-move within 2 years after the date of sale. You can also invest your long-term capital gains in the construction of a house within 3 years of the date of sale, this includes booking an under-construction project.
Purchase Capital Gains BondsYou can also purchase capital gains bonds to save tax after the sale of residential property. However, you cannot invest more than Rs 50 lakhs in capital gains. You have to invest your entire long-term capital gains in these bonds and there will be a lock-in period of 5 years. You won’t be able to transfer or sell these bonds to anyone. It is a good way to save tax if you are not planning to purchase a new residential property.
Investing in Capital Gains Accounts SchemeFor temporary relief, while searching for a new residential property, you can invest your long-term capital gains in the Capital Gains Account Scheme. You can claim tax exemptions for the amount invested in capital gains accounts in approved banks.
Listen, if you are someone like me who likes to take charge of everything on ‘my’ own then please read it through. I had a fun time selling my property and it was definitely a learning experience.
Here’s my story (I will try to keep it short, I promise :P)
Back in 2016 I wanted to sell my property fast. It was a 1 BHK apartment in Delhi at a decent location. Since I knew if I went to an agent, he would have asked for a percentage of the profit, I decided to do it on my own. Before going out and about, I decided to spend a couple of thousands on a few repairs, noting every detail down in a notepad about my property. I went around my neighbourhood and clicked pictures of the locality.
Once all of that was done, I proceeded to search for real estate websites. I was aware of NoBroker since I saw an ad on TV, apart from this website I found a couple of more websites including 99acres, and magicbricks. I swear I researched a lot about these portals just to make sure they are genuine and none of my details will be leaked online. This is how my journey of
‘I want to sell my property fast’ began.
Next, came the fun part. I started listing my property.
I started by posting FREE ad on NoBroker platformThe process was smooth, I registered on the platform using my mobile number and OTP and then clicked on Post Property Ad option. Here is the list of information I gave in the ad
Address, Location and positioning of the property
Particulars such as Number of bedrooms, balconies, bathrooms, etc.
Details of furnishing
Electricity and water supply details
Amenities around the property
Security arrangements, etc.
Photos of property and neighbouring areas.
I followed the similar process for other platforms. Yes I didn’t stop at one.
Next I know, I started getting calls from many interested people. They inquired about my property and we set up a meeting for them to have a look at my property. Finally after 37 days of posting my ad, I was able to finalize the deal with a gentleman who was looking for a house to settle her divorced sister and her children.
It was a thrilling experience as I was new to all the paperwork involved but I managed to get through.
If you feel it is way too strenuous process, you can simply avail seller assist plans and sell your property quickly without any hassle.I hope my experience struck a chord with you. Now don’t hesitate to take the lead if you are determined and tell yourself that I want to
sell my property fast.
Avail the best seller service. Avail NoBroker Seller Plans to sell your property in no time
Regards Toshni Sharna (Wooden Street- Dining Tables)Avail NoBroker Seller Plans and let their experts do the buyer hunting for you
Get your house renovated by NoBroker to get a better selling value in the future
Post your property details on NoBroker without spending any money
I,m telling you to focus online because 90% of home buyers searched online during their home buying processes.Property selling has become easier with digital India. Gone are the days when you needed to post property ads in newspapers or hire some brokers to do it. These methods were costlier and not at all reliable. I wanted to sell my home in 2019 and hired a broker for it. It was decided that he would take 5% of the sale price, but he could never bring us, buyers. Later, we discovered that he was asking buyers to pay more than the selling price so that he could profit from it as well. We hence cancelled the plan of selling property through a broker and opted for some digital platforms.
Avail NoBroker’s Seller Assist Plans to get buyers and a good price for your property
Post property details online to get buyers and a good price for your property
To sell a property fast you will have to chalk out a plan and set things right. Here are some methods that can help you out-
Set the right priceI told my uncle that- I want to sell my property fast in India since I really needed money and learned that setting the right price for the property is the foremost and most important step that needs to be taken. You have to set a price that seems justified. Suppose you want to sell a 2 BHK for Rs 60 lakhs, knowing that the properties in the locality cost way less than it. If the other properties are within Rs 40 lakhs, do you think buyers will buy our property? No, they won’t. Hence, you should evaluate property prices in your neighbourhood and then set a justified price for your property.
Highlight the positive factorsAlways highlight the positive aspects of your property like
Its design or style
Quality of materials used
How investing in your property can be beneficial for the buyer or whether it will have a good resale value in the future or not and more
Do not just get rid of your property. If you really want a good price for it, renovate, repair, and clean it up first before selling it. These methods can increase the chance of selling your property and also help you get a good sum of money for it.
Make the property legal or free of disputeNo buyer will invest in a property whose taxes are not paid, if the property is in dispute, or for other similar reasons. Try to sort these issues out first. A legal property gets sold very easily, but a property in dispute will take years to attract customers.
There are several other methods by which you can sell your property but I hope these methods have been able to give you a basic idea on how to sell your property fast.
Opting for a real estate agent to help you sell your property and even evaluate its price will also be a smart move. In fact, that is what I did. I availed of NoBroker’s Buyers Plans. Their property expert will help you get buyers within a short period of time and also without any brokerage fee. They will also
Promote your property online on their website on your behalf
You will get an expert relationship manager for super fast closure
You will either get guaranteed buyers or 100% money back
I assure you that property selling through NoBroker is super easy, so you can try them out.
Read More: What is TDS on sale of property in case of join seller How to sell SC land without permission Can my father sell his property without my permissionI'm moving to the USA, so I need to sell my house asap. I've done some research, and I've found a few tips that should help me with the query of how to sell house quickly.
Your home will remain on the market for a very long time if you overprice it. You will lose money if you set the pricing too low. Research comparable properties in your neighbourhood to see what they are selling for.
Making your home appear its best for potential buyers entails this. Make repairs, tidy up, and reduce clutter. Additionally, you might wish to enlist the aid of a professional stager.
For your property to sell, you must have high-quality pictures. They ought to be legible, well-lit, and showcase your house's finest qualities.
Ensure that your listing is present on all of the main real estate portals. You might also think about running social media ads.
When someone shows interest in your property, be sure to respond to their inquiries promptly. This will show them that you're serious about selling.
Most buyers will try to negotiate the price of your property. Be prepared to go down a little bit, but don't sell yourself short.
You can sell your property quickly with the aid of a good real estate agent. They are able to attract suitable buyers to your house thanks to their network and experience.
Check out NoBroker SELLER PLANS and Sell Your Properties Hassle-freeI'm following these tips on how to sell house quickly, and I'm confident that I'll be able to sell my property fast. I hope these tips help you sell your property fast too! I've also found that it's helpful to be patient and persistent. Selling a property can take time, but if you're patient and persistent, you'll eventually find a buyer.
Sell your Property Fast. Post a Property Ad now!Read More:
Can I Sell Property without Mutation? How to sell a joint ownership property?Reading all the answers written on the Forum enlightened me a lot today. I remember that last year my aunt needed to move to the USA and she urgently needed to sell her property. She came up to my father and said ‘
I want to sell my house urgently, how can I do it?’.
She wanted to sell her property immediately and asked me too to help her out in this matter. I immediately posted about the property on different social media platforms such as Instagram, Facebook, and Telegram.
Read my complete answer to learn
how to sell my flat quickly.
I mentioned everything about my aunt’s property to ensure they attract buyers as fast as possible.
It is situated near important IT Hubs such as Wipro, Microsoft, and Goldman Sachs.
The apartment had all the luxurious facilities such as a swimming pool, parks, club, library, and meditation centre.
The Bus Stop was also nearby.
He mentioned a price which was decent so he instantly got connected to people who were interested in purchasing the property.
He posted some videos and pictures as well.
I didn’t miss the opportunity to post my aunt’s property on legit real estate platforms such as NoBroker.
Post your property on NoBroker for FREE!I was able to find a genuine buyer from NoBroker who counter-offered us with a price my aunt could not refuse. Within 2 weeks I was able to sell my aunt’s house by pitching her property on NoBroker.
This is the magic of the real estate platform that surprises us nowadays.
I wanted to tell this story about how to sell a property. I hope you like it.
You can follow the tips mentioned in all the answers related to how to sell property fast in India. I am sure all the answers will help you in some ways.
Choose the seller plan to get unlimited buyer contacts on NoBroker Read More: Can My Father Sell His Property Without My Consent? Can Power of Attorney Holder Sell Property to Himself? How to Sell a Joint Ownership Property?0 Total Answers
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How to sell my property fast?
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February 3, 2021
2021-02-03T11:46:23+00:00 2023-06-26T16:26:52+00:00Comment
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