Propterty Tax

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This discussion clarifies that property sale tax is actually capital gains tax, not property tax. It details how to calculate the capital gains liability based on purchase and sale prices, including adjustments for inflation. The tax is due when the property is sold.

123456

123456 (Querist)
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06 June 2020 Sir

I would like to sell my property. please let me know the amount of Tax i need to pay on sale of property.
these are my property details:-

Date of purchase 2nd July 2010
purchase price : Rs.34,00,000
selling price:- Rs.71,00,000
Thanks in advance.

c.bakshi

c.bakshi (Expert)
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07 June 2020 CAPITAL GAIN LIABILITY WILL BE LEVIED NOT PROPERTY TAX

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 June 2020 Capital gains 12,16,167.
Tax payable @ 20%. 243234.

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123456

123456 (Querist)
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08 June 2020 Thank sir for your reply. please also let me know how we can calculate capital gains amount Rs.12,16,167.
and also let me know when the tax on this amount will be due.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 June 2020 The calculation is as follows:
3400000*269/167=5883833
7100000-5883833=1216167
When the property is sold.

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123456

123456 (Querist)
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09 June 2020 Thank u sir, the property will be sold this month.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 June 2020 Welcome.................

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