Tax on Sale of LAND & further Investment of the Money in Stocks
This query is : Resolved
05 August 2021
Dear Peers, Pranam!
Regarding a Property (Land) Sale in Coimbatore District.
In the last year (October 2020) I have been sold a land and gained (with ref. to the value recorded on the deeds) more than fifteen lakhs rupees. I have not been bought any other land/property with that amount But invested part of the amount for buying of stocks/shares. It has been told by one of my friends that I coan not invest this money in stock market and I should have property gain tax to be paid to the ITD in this financial year. Please let me know how much amount I should paid (or the percentage of gain as tax) and whether I have any issues for investing that amount in stock market as I mentioned above.
Please guide me if I have been misguided on this regard.
Thanking you,
Regarding a Property (Land) Sale in Coimbatore District.
In the last year (October 2020) I have been sold a land and gained (with ref. to the value recorded on the deeds) more than fifteen lakhs rupees. I have not been bought any other land/property with that amount But invested part of the amount for buying of stocks/shares. It has been told by one of my friends that I coan not invest this money in stock market and I should have property gain tax to be paid to the ITD in this financial year. Please let me know how much amount I should paid (or the percentage of gain as tax) and whether I have any issues for investing that amount in stock market as I mentioned above.
Please guide me if I have been misguided on this regard.
Thanking you,
05 August 2021
Is it a plot or rural agricultural land.
Is it held for more than 2 years.
20% tax payable on capital gains in case of plot held for more than 2 years.
Balance 80% of capital gains and cost of the sale value you can invest in stock market.
Is it held for more than 2 years.
20% tax payable on capital gains in case of plot held for more than 2 years.
Balance 80% of capital gains and cost of the sale value you can invest in stock market.
06 August 2021
Thank you Sir for the clarifications,
its a plot and bought in 2008/2009. So the tax is 20% of fifteen lakhs, means rupees three lakhs to be paid. It should be paid this financial year i.e. 2021-22 soon or whether I could pay before 31st March 2022 ?
Thank you Sir once again,
gk
its a plot and bought in 2008/2009. So the tax is 20% of fifteen lakhs, means rupees three lakhs to be paid. It should be paid this financial year i.e. 2021-22 soon or whether I could pay before 31st March 2022 ?
Thank you Sir once again,
gk
06 August 2021
20% tax payable on 15 lacs minus indexed cost of acquisition. File ITR before September 2021 and pay taxes.
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