How to sell property in Pune

Selling a flat in Pune goes faster when your papers are ready before you list it. Here are the documents, the steps and the tax points to know.

Documents to keep ready

• Your purchase agreement or sale deed and its Index II.
• Society share certificate and a no-objection or no-dues letter from the society.
• Occupancy Certificate of the building.
• Latest property tax and maintenance receipts, and electricity bill.
• If there is a home loan, the bank's letter with the outstanding amount, and later its closure letter and original documents.

Steps

1. Price it: look at recent registered sales nearby and the ready reckoner value. Try the property value calculator.
2. Choose a broker: check their MahaRERA registration and agree the fee in writing. See brokerage fees.
3. Token and agreement: agree price, payment schedule and handover date in writing.
4. Register: the sale deed is signed and registered at the sub-registrar office; the buyer pays stamp duty and registration unless agreed otherwise.
5. Hand over: transfer the share certificate through the society, hand over keys and update utility and tax records.

Tax points

• TDS: when the price is Rs. 50 lakh or more, the buyer deducts TDS under Section 194-IA of the Income Tax Act. Make sure you receive Form 16B.
• Capital gains: property held for more than 24 months gives long-term capital gains; less than that is short-term. Exemptions such as reinvestment in another home may apply. Ask a tax adviser.
• Stamp duty value: if you sell below the ready reckoner value, tax rules can use that value instead. Read the ready reckoner guide.

Questions