i have purchased a residencial plot on rs 500000 on 5 apr. 2014. i invested rs 500000 to construct the house. i sold the house on 30.10.2014 for rs 1500000. how will my income tax calculated . plz help
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I need help to calculate income tax on sale of house
Replies (1)
Since the sale of the property has taken place within 3 years, you will not be able to avail indexation. There will be a short term capital gain of Rs. 500,000/- and taxed as per normal tax slab.
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