ketan shirke (accounts personnel) (22 Points)
18 May 2019I have sold my commercial property for Rs.50,00,000/- in the month of May,2019. This property was purchased in May,2016 for an amount of Rs.24,39,960/-.
Kindly guide me in respect of :- What will be the capital gain and tax amount ? Also can i save the tax by investing the capital gain amount ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 19 May 2019
CII for FY 2019-20 not released yet, but appreciation of the property would be around 10%, thus LTCG would be around 27 lakhs, CG tax liability for AY 2020-21 wpuld be around 5.4 lakhs (+ 4% cess).
You can invest about 27 lakhs in NHAI or REC capital gains bonds (within 6 months from the transfer) to save the tax.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 19 May 2019
Sorry for typo error.... CG would be 23 lakhs
Tax liability 4.60L + 4% cess.
Investment in bonds 23 lakhs to almost nullify the LTCG tax liability.
Avtar Singh
(363 Points)
Replied 20 May 2019
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