PROPERTY SOLD

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sumit bhartia (Querist)
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22 November 2008 I have sold One Property resulting in a gain of Rs.500000.00 in Oct 2008

Do i have to pay Tax on Rs. 500000.00

What can be done do minimize the taxSUMIT

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 November 2008 Details are not sufficient to give a reply.
Nature of property,date of purchase,purchase value,date of sale,sale value etc needed to answer your query.

K V Subba Rao

K V Subba Rao (Expert)
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22 November 2008 Consult local CA to work out Capital Gain after indexation etc., and pay tax.

Utilise sale proceeds of propery which you disposed off for buying a plot or site. Real estate market is now good to buy