Sale land
This query is : Resolved
Quick Summary
gopal ghosh
(Querist)
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?
CA Ankith Jain
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
