If you have a property and wish to sell that, you need to be aware of a lot of key points. When you read this article, you will be aware of all the points that you need to know. Well, selling property is not as easy as one will think. There will be:
Yes, the property is considered as an asset and profits that you might earn by selling property will attract capital gain tax. And, if one holds the property for lesser than 3 years then it will attract shorter term capital gains which will be a little higher than the longer term capital gain tax.
There are various kinds of duties that are involved such as registration fees, stamp duties and other brokerage fees etc. If one goes through the property dealer, then the person will have to pay commission to the property dealer too.
If the property that you are selling happens to be a second property, then one will be liable to pay wealth tax as well.
Well, this is the cost that is lost on other things because of the investment on the property. You might have missed investments in the stock markets and the returns there could have been much higher.
So, check Author’s link and while you are trying to sell the property, make sure that you go through all the points and make a deal with the person who is genuinely interested in your property. A lot of property deals get fizzled even before the full payment is done. Selling property is quite complicated as the real estate market keeps changing. So, study the market and make the best possible deal before closing on the deal. If you know the market value of your property, you can make the best deal for your property.