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.
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.
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- ITR 44AD SECTION
- Missed TDS
- Old Traces Portal
- Sale of Mutual Funds In Diffirent Financial Years
- CASH GIFT FROM BLOOD RELATIVE
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
