Tax on sale of property purchased in 1981 in mumbai.
This query is : Resolved
ANIL PAREKH
(Querist)
10 May 2012
I have a shop purchased in 1981 for Rs:38000:00 in Mumbai.
I have not paid stamp duty on it.
It is not registered.
I want to sell it for Rs:5000000:00
What are the differrent taxes to be paid to government?
How to avoid paying tax?
I have not paid stamp duty on it.
It is not registered.
I want to sell it for Rs:5000000:00
What are the differrent taxes to be paid to government?
How to avoid paying tax?
CA CS Amit S. Kedia
(Expert)
13 May 2012
Dear Mr. Parekh,
First of all, For sake of your knowledge, Tax avoidance is illegal and not permitted by law.
Tax planning & Management, if done within the four corners of law, is permissible.
Capital gain shall arise in your case but you can get the benefit of indexation. Further, exemption u/s 54EC and 54F can be taken if you invest some money out of such sale proceeds.
First of all, For sake of your knowledge, Tax avoidance is illegal and not permitted by law.
Tax planning & Management, if done within the four corners of law, is permissible.
Capital gain shall arise in your case but you can get the benefit of indexation. Further, exemption u/s 54EC and 54F can be taken if you invest some money out of such sale proceeds.
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