Capital gain on sale of land
This query is : Resolved
Mohammed Aslam khan
(Querist)
10 August 2019
share of plot sold at native place town area Rs 2,00,000/- (my 1/4th share) in 2018 2019
whether atract LTCG tax and how much tax i have to pay & how i reflect in ITR Return
land purchased in 1972 @ Rs 9000/-
whether atract LTCG tax and how much tax i have to pay & how i reflect in ITR Return
land purchased in 1972 @ Rs 9000/-
CA R SEETHARAMAN
(Expert)
11 August 2019
1 Yes LTCG attracted.
2 Deduct indexed cost of purchase to work out capital gain. 20% tax payable on gain.
3 Show it under sale of long term capital gain on sale of land.
2 Deduct indexed cost of purchase to work out capital gain. 20% tax payable on gain.
3 Show it under sale of long term capital gain on sale of land.
CA R SEETHARAMAN
(Expert)
11 August 2019
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