Go AD-Free with CAclubindia PRO for Rs 167/Month Only. Subscribe Now!

Income on sale of flat

114 views 1 replies

vinayak c. chavan

CPT passed

1016 Points Joined April 2010

I am indian resident of 70 Age female. I have sold a flat working as per below:

Sale Price Dt. 25/11/2017 Rs. 80,50,000/-

(-) Cost Dt. 02/04/2013

38,50,000/- * 272 / 220 = Rs. 47,60,000/-

_______________

Rs. 32,90,000/-

(-) Brokerage paid Rs. 80,500/-

________________

Rs. 32,09,500/-

(-) TDS Rs. 80,500/-

So on profit of Rs. 3209500 how much advance tax should I pay by 15th December 2017? How much will be total tax liaility ? Will i get any exeption from oayment of advance tax as i am senioer female citizen

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

198438 Points Joined July 2016

1. As per section 207 of IT act, effective from AY 2013-14, a senior citizen is exempt from paying advance tax if s/he doesn’t have any business income . S/he only need to pay self assessment tax before filling income tax returns.

2. Total tax liability depends upon your other taxable income, reduced by BEL of 3 lakhs rupees.

Assuming no exemption claim and no other taxable income, LTCG 32,09,500/- less 3,00,000/- is Rs. 29,09,500 net taxable gain, charged at 20.6% rate with cess. Less TDS = self assessment tax .