CALCULATION OF INCOME TAX
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2010
I had brought a residential flat in Jan 2007 for Rs 20,00,000/- and now selling(Nov 2010) for Rs 37,00,000/-. I do not want to reinvest the amount in another house but want to use the full amount for starting a business. How much tax will I have to pay in my case in order to use the full amount.I am presently unemployed since Feb 2010.
27 October 2010
You have not mentioned cost of improvement of house, or expenditure of transfer etc.
Long term Capital gain is taxable @ of 20%+ cess.
Long term Capital gain is taxable @ of 20%+ cess.
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