Capital gain on sale of land
This query is : Resolved
24 February 2017
A LAND WAS PURCHASED IN 1992 FOR RS. 12000/- & SOLD IN APRIL 2014 FOR RS. 1500000/- WHAT WILL BE THE CAPITAL GAIN ON SALE OF LAND. INCOME FROM FIXED DEPOSIT IS RS. 85000/- . WHAT WILL BE THE TAXABLE INCOME AND HOW MUCH INCOME TAX TO BE PAID IN THE YEAR 20014-15.
24 February 2017
If land purchased 1992-93 cost of index 223 for 2014-15 1024, land cost 12000 after indexation it Rs.55103
Sale consideration Rs.1500000- 55103=1444897 is Capital Gain Taxable @ 20% with indexation , 10% without indexation difference between 1500000-12000=1488000/-
Sale consideration Rs.1500000- 55103=1444897 is Capital Gain Taxable @ 20% with indexation , 10% without indexation difference between 1500000-12000=1488000/-
25 February 2017
HOW MUCH INCOME TAX TO BE PAID FOR THE YEAR 2014-15
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