How Does Change In Under-Construction Property Value Affect A Homebuyer?
Under-Construction Property : An under-construction property’s value fluctuates over time, so buyers should be aware of some supplemental costs.
The value of a property that is still being built frequently changes between the time the builder-buyer agreement is signed and the registration of the sale deed. How does it impact buyers, then?
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Buyers will be required to pay the difference.
In builder-buyer agreements, it is stated that any additional costs the developer may have during construction will be covered by the buyers. It is therefore imperative that you carefully read the builder-buyer agreement.
Under-Construction Property : Purchasers are required to pay stamp duty.
Buyers will be required to pay appropriately if the value of the property has increased due to paperwork. Stamp duty, etc. As a result, if your state’s stamp duty is 5% and you were initially required to pay 5% of Rs 50 lakh in stamp duty, you now have to pay 5% of Rs 70 lakh because the rate has increased by Rs 20 lakh. The same rule also applies to the registration fees, which will see price increases.
Under-Construction Property : Taxes are not required of purchasers.
In many instances, if there was a difference between the agreement value and registration value of a property, income tax officers impose tax under the heading “income from other sources.” However, as stated by an Income Tax Appellate Tribunal (ITAT) order. The buyer is not obligated to pay taxes on the differential amount. The most recent decision from the Mumbai bench of the ITAT states that buyers cannot be taxed or charged for the difference in the purchase price of a flat between the date of allotment and the date of registration.
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