Income from House Prpperty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2011 I am retired business person and my age is 74 years. I am living with my wife .I have my own one house . I have sold my such house in the month of April 2011 at a price of Rs. 17,00,000/- which i have purchsed at Rs. 2,00,000/- during the year 1995. Whether Income Tax is payable or not ? I am living in Nadiad and plan to shift at Indore city in my daughter's house. I don't want to purchase another house.

U S Sharma

U S Sharma (Expert)
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17 May 2011 200000 *711 ( expected 800 in 2011-12)/281
=5060498
17L - 5.1 Lacs = 11.9 Lacs taxable

Deposit the amount in capital gain account, and decide later, otherwise such 12 L would be brought to tax.

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