Selling a Flat with Furniture? Here’s What You Need to Know About Taxes and Stamp Duty

Selling a Flat with Furniture? Here’s What You Need to Know About Taxes and Stamp Duty

It is usually simpler to calculate capital gains tax when you sell a flat; you subtract what you paid for the flat (after adjusting for inflation and improvements) from the amount you sold it for. However, when you sell property along with furniture, fixtures, or appliances, the property does not remain just an immovable property. Furniture and other immovable property are taxed differently under the Income Tax Act. This can affect how your total tax is calculated.