Rajiv Gupta (manager) 26 November 2020
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
Aman Verma 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%