Sale of house
This query is : Resolved
28 September 2013
for example,if A bought a land in 2005 for 20 lakh , then A build an house in that land and sale his house for 70 lakh in 2013 . i need to know how much amount A need to pay to income tax? i want to know the calculation also?
CA Pallav Singhania
(Expert)
28 September 2013
Sale Consideration 7000000
Less:
Cost of Acquisition 3778672
{939/497 X 2000000}
Indexation of the Sale date/ Indexation of the Acquisition date X cost
Long term Capital gain 3224328
tax on it @ 20 percent i.e 644265
Less:
Cost of Acquisition 3778672
{939/497 X 2000000}
Indexation of the Sale date/ Indexation of the Acquisition date X cost
Long term Capital gain 3224328
tax on it @ 20 percent i.e 644265
Ankur Agrawal
(Expert)
29 September 2013
same treatment given by Mr. Aryan then,
you can go for exemption claim u/s 54 also.
then all tax on Long term capital gain will be exempt if condition fulfill as per section define.
you can go for exemption claim u/s 54 also.
then all tax on Long term capital gain will be exempt if condition fulfill as per section define.
08 October 2013
In which year the house was constructed is missing as a house cannot be constructed immediately it takes some time and date matters. Basing on the year given by you the LTCG will be applicable.
17 October 2013
If its long term capital gain then the cal given by Aryan is correct.
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
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- Import of Software Service.
- Oct 2025 Invoices
- GST on Renting godown to KFCSC for Storage of Raagi
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
