Tax on sale & purchase of residential flat
This query is : Resolved
Maheshchandra
(Querist)
06 October 2015
I purchased a flat in May-2003 for Rs. 450000 and sold it in June 2015 for Rs. 2500000.
And in Sept.2015 I purchased a flat for Rs. 1700000. Now what are my tax liabilities
Amol S Joglekar
(Expert)
06 October 2015
cost inflation index for financial year 2003-2004 is 463 and that of 2015-2016 is 1081
indexed cost of flat =Rs450,000 X1081 / 463 =Rs.10,50,647
Long term capital gain = 25,00,000-10,50,647 = 14,49,353
Since you invested in new house property worth 17,00,000, you can claim exemption u/s 54 and then there is NO long term capital gain TAXABLE
indexed cost of flat =Rs450,000 X1081 / 463 =Rs.10,50,647
Long term capital gain = 25,00,000-10,50,647 = 14,49,353
Since you invested in new house property worth 17,00,000, you can claim exemption u/s 54 and then there is NO long term capital gain TAXABLE
Amol S Joglekar
(Expert)
06 October 2015
https://www.incometaxindia.gov.in/Pages/utilities/Cost-Inflation-Index.aspx
you may follow this link if you want.
you may follow this link if you want.
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