Dear Sir
please help me in calculating capital gain on a piece of land which is bought in Rs 12000 in July 1996 then Rs 20000 were spent on its boundary and levelling in august 2001. Later in January 2016 Rs 120000 were paid on as approved charges . Now I want to sell it in Rs 2000000 ( Twenty lakh ) what will be capital gain and capital tax must be paid. How can I save this tax
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capital gain
Replies (3)
If you invest about Rs. 17 lakhs in Capital gain bonds (u/s.54EC) or purchase or construct a house property worth 20 lakhs (u/s. 54F)........ your tax liability will be almost nil........
Otherwise tax liability of about Rs.3.40 L +4% cess .....
sir will you please explain how capital gain is Rs 18 L and tax 6.4 L + 4%
Can't explain........ its just estimate......... for exact calculation FMV of property as on 01.04.2001, is must.....
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