Sale property tax

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amit (Querist)
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28 November 2012 sir

we have a land purchases worth rupees 250000 in 1998.now i sale out this property worth rupees 1100000 (2012) pls how much tax in this amount

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 November 2012 Capital gain will arise on such sale. Since the asset is a long term capital asset, LTCG shall arise. LTCG shall be computed as under:

Sale Price 11,00,000
Less: Indexed cost of acquisition
2,50,000*CII of FY 12-13/CII of FY 88-89

Gayathri Devi

Gayathri Devi (Expert)
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28 November 2012 Long term Capital Gain = Rs.2,22,980/(if it sold after april,1st 2012)

If sold before 31st,March 2012 then Long term Capital Gain = Re.1,18,944/

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