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
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
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
