Tax on non agriculture land sale
This query is : Resolved
vinothkumar
(Querist)
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.
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.
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.
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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