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Should I make agreement for sale of commercial/resi property? - Property Hotline
Posted
January 25, 2017
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47
January 25, 2017
47
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3:29Now PlayingExpert: Vinay Singh, Tax Expert
Question: I own a store which was bought in 2003. I am planning to sell it now. I bought it as a residential property but got the user permission changed from BMC to run it as a store. While selling now, should I make agreement for sale of commercial property or residential property?
Answer: Since the change of use of the property, now it is a commercial property. You will not have an option to choose between these two while making an agreement. There will be a tax impact, you won’t be able to avail certain benefits those are available to the residential properties. Now, that you have got it done from BMC, it surely is a commercial property.
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