Sale land
This query is : Resolved
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?
1)This is a taxable income for capital gains?
2) if capital gains then which % are calculated?
3) any deduction for this income?
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
09 August 2020
https://cleartax.in/s/capital-gains-exemption-on-sale-of-land
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