How tax will be computed for buy/sell property

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63 Points Posted on 26 November 2020

Hi,

Have one property purchased @ 84.15L in 2016. Now I want to sale this property and buy different property. The selling price is 91L and buying price for other property is 92.5L . Also, will be buying new property before selling.  Queries:
a) What will be the capital gain tax.
b) Can it be adjusted as i am selling and property and buying the another one. But buying will happen before selling property for around 2 months.
c) What will be TDS deducted for buying the property @ 92.5L
 

Regards,

Rajiv 

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On 26 November 2020 at 20:47 Report
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Quick Summary
This discussion explores the capital gains tax implications when selling a property purchased in 2016 for £84.15L and selling it for £91L to buy a new property for £92.5L. It clarifies that due to indexation, there might be no capital gains tax liability. The thread also addresses whether buying a new property before selling the old one affects tax adjustments and the applicable TDS rate for the new property purchase.

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209 Points Posted on 27 November 2020
A) Hi assuming that you have purchase in FY 2016-17 amd selling in FY 2020-21 so indexed COA = 84.15L*301/264 i.e 95.94L there will be no LTCG in this case ..
b) NO LTCG so no setoff
c)TDS has to be deducted @ 1%
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On 27 November 2020 at 08:43
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manager
63 Points Posted on 27 November 2020
Hi.,..i think tds will be .75% as per latest notification by FM.
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On 27 November 2020 at 09:44

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