My son was allottee of DDA LIG Flat @ Rs. 5.2 lacs in 2005. Renovation and documention costed 2 lacs. Now sold in Feb. 2016. @ 22 lacs. What is his income tax liability and how to pay it. He is a NRI and income tax assessee.
Ramesh Chand Gupta (8 Points)
13 February 2016My son was allottee of DDA LIG Flat @ Rs. 5.2 lacs in 2005. Renovation and documention costed 2 lacs. Now sold in Feb. 2016. @ 22 lacs. What is his income tax liability and how to pay it. He is a NRI and income tax assessee.
Rahul Verma
(CA-Final)
(484 Points)
Replied 13 February 2016
| Income tax Liability | |||
| Inocme under the head Capital Gain | |||
| Sale Consideration | 22,00,000.00 | ||
| Less:- Indexed Cost of Aquisation | |||
| Base Cost | 5,20,000.00 | ||
| 2005 | 480 | ||
| 2016 | 1081 | ||
| (520000/480*1081) | 11,71,083.33 | ||
| Less:- Indexed Cost of Improvement | |||
| Base Cost | 2,00,000.00 | ||
| 2005 | 480 | ||
| 2016 | 1081 | ||
| (200000/480*1081) | 4,50,416.67 | ||
| Inocme Under Capital Gain | 5,78,500.00 | ||
| Income Tax Liability | 1,19,171.00 | ||
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