Sale land

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When you sell land for a profit, it's generally considered taxable income under capital gains. The standard tax rate is 20%, plus a 4% cess, making the effective rate 20.8%. However, you may be able to reduce your tax burden by investing the proceeds in specific ways outlined in the Income Tax Act. For personalised guidance on available exemptions, you can reach out to an expert.

gopal ghosh

gopal ghosh (Querist)
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23 July 2020 Purchase land 1992 value Rs. 52000/- sale the property march, 2020. Value of rs. 36,00,000/-
1)This is a taxable income for capital gains?
2) if capital gains then which % are calculated?
3) any deduction for this income?

CA Ankith Jain

CA Ankith Jain (Expert)
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25 July 2020 Yes this is taxable income. The rate of tax would be 20% and cess of 4% so ultimate rate is 20.8% and if planned properly you could save taxes by investing the proceeds as prescribed in the income tax act. If you mail you entire query at the following id, I can guide about the exemptions available. caankithjain@gmail.com