hello sir... 2 year before maine house purchase kiya tha uska value 25 lakh tha...abhi Maine house sale Kiya hai 30 lakh me... to Abhi mujhe income tax return bharna kai... to Iska Income tax kitna hoga.. how to calculate tax.. plz tell me
Ashwini (private job) (175 Points)
21 August 2019hello sir... 2 year before maine house purchase kiya tha uska value 25 lakh tha...abhi Maine house sale Kiya hai 30 lakh me... to Abhi mujhe income tax return bharna kai... to Iska Income tax kitna hoga.. how to calculate tax.. plz tell me
Kapadia Pravin
(17249 Points)
Replied 21 August 2019
Ashwini
(private job)
(175 Points)
Replied 21 August 2019
CA Manish Jathliya
(Professional)
(401 Points)
Replied 21 August 2019
Calculate Cost inflation index of 25 lacs and calculate tax.
if you are planning to buy new house than it may exempt based on provision of section 54.
Kamal Verma
(Financial advisor)
(578 Points)
Replied 21 August 2019
Long term capital asset means a capital asset held by an assessee for more than 36 months immediately preceding the date of its transfer.Thus in your case, there will be short term capital gain (Rs. 30-Rs. 25), income tax will be charged as per slab rate.
Kapadia Pravin
(17249 Points)
Replied 21 August 2019
CA Manish Jathliya
(Professional)
(401 Points)
Replied 22 August 2019
From FY 2017-18, in case of immovable property being land, building or house property, if they are held for more than 24 months, they are termed as long term capital assets i.e. any immovable property will attract long term capital gains tax, if sold after holding for 24 months or more from April 1st, 2017
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