Tax on sold property
This query is : Resolved
16 July 2013
I purchased a flat @Rs.4,00000/- in 2001 and now sold in Rs. 15,0000. If i 'll purchase a plot of Rs.Rs.4,25000/- and cost of registry extra ,shall I need to pay Income tax on the remaining amount
17 July 2013
it is required to get value by applying indexation.. value of new purchase is deducted from such figure and if there is any gain, paid tha tax as LTCG or plant to get d benefit of sec 54 proviso..
It is assumed that ur sales fig. Is 15 lac. Nd if its 1.5 lac. Its consider as LTCL. Dont need to pay tax.
Regards.
It is assumed that ur sales fig. Is 15 lac. Nd if its 1.5 lac. Its consider as LTCL. Dont need to pay tax.
Regards.
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