Computation of tax after capital gains
This query is : Resolved
Suresh Roy
(Querist)
19 September 2014
My father, age 75, sold a residential flat for Rs.2900000. He has incurred a long term capital gain of 1950000. He does not have any other source of income. He has already invested Rs.150000 in his PPF account from the proceeds of the sale.
1. What will be his total tax liability?
2. Will the total tax liabilty be reduced by basic exemption as well as the 150000 invested in PPF.
Nikhil Kaushik
(Expert)
20 September 2014
basic exemption shall be available. no deduction shall be made available for PPF.
the remaining income shall be taxed at 20% flat rate.
the remaining income shall be taxed at 20% flat rate.
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