Capital gains tax on property
This query is : Resolved
09 February 2014
Hi,
I need to understand how much capital tax liability will arise based on following details
1. cost of RES. property 12 lacs
2. bought in 2004.
3. sold at 60 lacs in 2014.
this is not the only property I have. assuming above transactions are bank and not cash. Also how much minimum I need to reinvest to avoid capital gains tax.
regards.
Anjum.
09 February 2014
indexed cost (assuming u bought in FY 2004-05)= Rs 23.475 lakhs. Capital gains: 36.525 lakhs. So you need to invest Rs 36.525 lakhs to avoid LTCG tax.
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