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LTCG

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 October 2010 I had purchased a 2 BHK flat in Jan 2007 for Rs 20,00,000/- and now selling(Nov 2010) for Rs 37,00,000/-. What is my present tax liability. I am presently unemployed since Feb 2010.Thank you.
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CA Navin Jain

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CA Navin Jain (Expert)
27 October 2010 2000000*771/519=2971000
ur LTCG IS 729000
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CA. Chikkerur C R

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CA. Chikkerur C R (Expert)
27 October 2010 if period of holding is more than 3 years from purchase date, then it becomes long term capital gain. Gain is calculated after Indexation. You can claim reduction in taxable gain if you invest as per sec 54
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