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Sale of house

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(Querist)
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?
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CA Pallav Singhania

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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
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Ankur Agrawal

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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.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 October 2013 If its long term capital gain then the cal given by Aryan is correct.
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