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Property sale

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Querist : Anonymous (Querist)
20 October 2011 How to calculate income tax on residential bunglow sale ??? Is it on total sale value ?? Thx
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 October 2011 The sale of a residential building attracts capital gain tax.

The capital gain will be calculated as under:

Sale Consideration
Less: Cost of acquisition
Less: Cost of improvement

If the asset is a long term capital asset, i.e., it was held for a period of 36 months or more, then indexed cost of acquisition and indexed cost of improvement shall be reduced from the sale consideration.

The tax rate applicable will depend on the nature of the capital asset.

Long term capital asset - 20%
Short term capital asset - Normal rate
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