I have sold my flat. My buyer is saying that he will pay me in two parts: 1. White component which will be on agreement. 2. For the remaining amount he will make a furniture fixture agreement and give me a cheque. My question is will the furniture fixtures amount be considered as my income and will i be liable for an income tax.
Anonymous User LawRato Answers ( 1 )if you show that income as your earned income you may be liable for income tax however that depends on the language of the agreement and as per the understanding arrived at between the parties
If you wish to not pay the income tax might as well not get involved for the rest of your amount in such an arrangement
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Contact information of the buyer and seller. Address of the property to be sold. The amount to be paid by the buyer for the property. Date of transfer Disclosures. Contingencies. Signatures.
A sale agreement that is not registered has a validity period of three years. If there is a negative condition in the agreement, for example, that the buyer must register the property within 3 months, then the statute of limitation will be extended by this period.
The agreement specifies the terms of sale including the description of goods sold, the amount to be paid, the identification and payment details of the goods as well as warranties and the right of inspection for the buyer. 12-Feb-2023
Both terms are synonymous in real estate. Both are distinct, and they're executed at separate events. A sale agreement is used to validate the deal between the buyer and seller, while a deed of sale acts as proof of ownership transfer.
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