Tax on non agriculture land sale

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vinothkumar (Querist)
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11 August 2012 Hi All,
I am a government servant and i am about to sell my non agriculture land which is nearby urban(metro city).I have purchased it on 1990's for very less value (less than 1 lakh),now the land value is around 1.5cr.Please suggest how much incoe tax i need to pay?how i need to make it audit? how i can reduce the tax?Many thanks in Advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2012 1. Capital gain shall be calculated as under:

Sale consideration
Less: Indexed cost of acquisition

Indexed cost of acquisition =

COst of acquisition* CII of year of sale/CII of year of purchase.

CII = Cost Inflation Index.

2. You can claim exemption u/s 54F by investing in a residential house property or you can claim exemption u/s 54EC by investing in specified bonds.

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