Capital gains on property tax
This query is : Resolved
05 August 2013
PURCHASED PROPERTY = RS.5 LAKH 1 JUNE 1990
SOLD PROPERTY = RS.25 LAKH 1 JUNE 2013
PURCHASED PROPERTY = RS.30 LAKH 1 JULY 2013
DO I HAVE TO PAY CAPITAL GAINS TAX. I DO NOT HAVE ANY OTHER PROPERTY IN MY NAME. THIS IS THE ONLY RESIDENTIAL PROPERTY PURCHASED AND SODL BY MY. WHAT IS THE INDEX VALUE FOR 1990-1991 & FOR 2013-2014. IF THERE IS CAPITAL GAINS TAX TO BE PAID; WHAT WOULD BE THE AMOUNT?
SOLD PROPERTY = RS.25 LAKH 1 JUNE 2013
PURCHASED PROPERTY = RS.30 LAKH 1 JULY 2013
DO I HAVE TO PAY CAPITAL GAINS TAX. I DO NOT HAVE ANY OTHER PROPERTY IN MY NAME. THIS IS THE ONLY RESIDENTIAL PROPERTY PURCHASED AND SODL BY MY. WHAT IS THE INDEX VALUE FOR 1990-1991 & FOR 2013-2014. IF THERE IS CAPITAL GAINS TAX TO BE PAID; WHAT WOULD BE THE AMOUNT?
05 August 2013
yes you are liable to long term capital gain tax.
u need to pay 20% Capital gain tax on long term capital gain after indexation.
u need to pay 20% Capital gain tax on long term capital gain after indexation.
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