LCTG on flat sale
This query is : Resolved
20 August 2023
I bought a flat for 2 million INR in 2014. The flat is sold for 7 million INR in 2023.
When filing returns how much I need to pay as tax on LTCG ? To avoid paying tax can I invest the tax gains in purchasing stocks ?
Please advise.
When filing returns how much I need to pay as tax on LTCG ? To avoid paying tax can I invest the tax gains in purchasing stocks ?
Please advise.
20 August 2023
I don't think by purchasing stocks we can avoid LTCG. Please read the article for computation of taxes https://www.bankbazaar.com/tax/how-to-calculate-capital-gains-tax-on-house-sale.html
21 January 2024
If we include EMI then it will be double accounting here as FLAT Cost of 2M ALREADY includes the total amount payable for the flat purchase
https://taxguru.in/income-tax/interest-part-cost-property-eligible-indexation-deduction.html
https://taxguru.in/income-tax/interest-part-cost-property-eligible-indexation-deduction.html
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
