TAX ON PROPERTY
This query is : Resolved
17 June 2010
DEAR ALL
PLEASE GIVE ME THE FOLLOWING DETAILS.
NON-AGRICULTURAL LAND PURCHASE ON 25-07-2006 FOR RS.2669500.00 (WITH ALL CHARGES AND PROPERTY VALUE) AND SOLD ON 19-05-2010 FOR RS.10021000.00
PLEASE TELL ME THE TAX FOR THE PROPERTY COMES TO RS.?
THANK YOU
PLEASE GIVE ME THE FOLLOWING DETAILS.
NON-AGRICULTURAL LAND PURCHASE ON 25-07-2006 FOR RS.2669500.00 (WITH ALL CHARGES AND PROPERTY VALUE) AND SOLD ON 19-05-2010 FOR RS.10021000.00
PLEASE TELL ME THE TAX FOR THE PROPERTY COMES TO RS.?
THANK YOU
Anil Kumar Meena
(Expert)
17 June 2010
If it is not a agriculture land means it is urban which is a capital asset under IT Act.
The whole gain(Sale - Purchase) is taxable as capital gain.
Thankz
The whole gain(Sale - Purchase) is taxable as capital gain.
Thankz
CA Ashok Kumar Sahu
(Expert)
17 June 2010
SALE CONSIDERATION - 1,00,21,000
COST OF PURCHASE - 26,69,500
INDEX COST OF PURCHASE -
NOW WE ARE NOT ABLE TO CALCULATE BECAUSE YET COST INDEX FOR F.Y. 10-11 NOT NOTIFIED
HENCE ASSUME 700 THEN - 36,00,482
LONG TERM CAPITAL GAIN - 64,20,518
COST OF PURCHASE - 26,69,500
INDEX COST OF PURCHASE -
NOW WE ARE NOT ABLE TO CALCULATE BECAUSE YET COST INDEX FOR F.Y. 10-11 NOT NOTIFIED
HENCE ASSUME 700 THEN - 36,00,482
LONG TERM CAPITAL GAIN - 64,20,518
17 June 2010
agreed with experts. Long term Capital Gain will be taxable after indexation of cost.
23 June 2010
SIR ON LONG TERM CAPITAL GAIN OF - 64,20,518 HOW MANY RUPEES TAX I HAVE TO PAY ?
23 June 2010
SIR ON LONG TERM CAPITAL GAIN OF - 64,20,518 HOW MANY RUPEES TAX I HAVE TO PAY ?
CA Ashok Kumar Sahu
(Expert)
23 June 2010
TAX PAYABLE IS @20% I.E. 12,84,104.
SUBJECT TO YOUR OTHER INCOME AND INVESTMENT U/S 54EC, 54F ECT.
SUBJECT TO YOUR OTHER INCOME AND INVESTMENT U/S 54EC, 54F ECT.
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