Sale property tax
This query is : Resolved
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
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
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
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
(Expert)
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/
If sold before 31st,March 2012 then Long term Capital Gain = Re.1,18,944/
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- 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
- 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?
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
