Sale of house proparty lible tax

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amol dhage (Querist)

19 October 2013 Dear Experts

I need info about

My relative Sold there House of rs 22 lkh
& He received Chaque rs 17.50 lkh and 4.5 lkh

They Would Like to Fixed Deposit of rs 15 lkh

then How Much Tax is lible

please give me solution
its urgent

@VaibhavJ

@VaibhavJ (Expert)

19 October 2013 Hi

It is subject to Capital Gain Tax.

You have to deduct sale price from Indexed cost of purchase & balance is taxable.

Can you provide info on dt. of Purchase & Total Agreement value + Stamp Duty + Regn Charges

Thanks//VaibhavJ

CA Pallav Singhania

CA Pallav Singhania (Expert)

19 October 2013 Agree with Expert....

CA Pallav Singhania

CA Pallav Singhania (Expert)

19 October 2013 If the Property was held for more than 36 months then it will be long term capital gain,
Have to calculate it thru indexation with its cost and have to deduct it with Sale Consideration..

If the property was sold within 36 months then Sale price minus cost, and it will be short term capital gain..
NOTE: Exemption can be claimed under Long term capital gain U/S 54,54EC,54GB..

Short Term Capital gain have to borrow tax at slab rate..

More Details:
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp

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