Capital gain on sale of land

This query is : Resolved

AMIT KR GHOSH (Querist)
Follow

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.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

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/-

AMIT KR GHOSH

AMIT KR GHOSH (Querist)
Follow

25 February 2017 HOW MUCH INCOME TAX TO BE PAID FOR THE YEAR 2014-15

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok