Income tax on income from sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2014
I had purchased a residential plot for Rs.236000/- in the year 2001. Now I sold the said plot for Rs.4000000/-. How much will be the the tax liability on the income from sale of this property.
I had purchased a residential plot for Rs.236000/- in the year 2001. Now I sold the said plot for Rs.4000000/-. How much will be the the tax liability on the income from sale of this property.
Sandeep Dharar
(Expert)
26 June 2014
Capital Gain will b applicable. In other words this is ur income from capital gain. U need to calculate it by deduction index cost of acquisition and improvement(if any) and any brokerage paid on sale. The remainder if in profit will result in Capital Gain.
Rupesh Jain
(Expert)
26 June 2014
you can calculate the LTCG
sales price - purchases cost x selling year index/purchase year index= gain
sales price - purchases cost x selling year index/purchase year index= gain
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