19 November 2016
I bought a flat in 2006 and sold it in february 2016. The long term capital gain of rs.30 lakh from that transaction was invested by me in another flat in March. Now due to some reason i wish to sell this flat also on which i would be getting a short term capital gain of about rs.10 lakh. I fall in the 30% tax bracket. Please advice as to the tax implication for me.
20 November 2016
During the current year you are liable for 20% tax on the long term capital gain of 30 lacs and 30% tax on short term capital gain of 10 lacs.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
20 November 2016
What if i purchase another property within a year?? Can either of the tax be avoided??