TAX ON SALE OF FLAT
This query is : Resolved
28 September 2010
I had purchased a 2BHK in Jan 2007 for Rs 20,00,000/- and want to sell it in Nov 2010 and will get Rs 52,00,000/- from its sale as per present market rate . I want to use the full amount received from the sale of my flat for my side business.Pl confirm the Income Tax I would have to pay to use this full amount for my business. I am a salaried person having annual income of Rs 2,40,000/-. Thankx
29 September 2010
It will be Long Term Capital Gains taxable at a flat rate of 20% but you may avail indexation benefit while calculating the gain
29 September 2010
As per detail for sale of flat provided, a long capital gain liabilty arise @ 20% on total capital gain & you will not eligible to get exemption ,as you going to invest money in business.
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
