My son was allottee of DDA LIG Flat @ Rs. 5.2 lacs in 2005. Renovation and documention costed 2 lacs. Now sold in Feb. 2016. @ 22 lacs. What is his income tax liability and how to pay it. He is a NRI and income tax assessee.
Menu
Income tax libility
Replies (1)
| Income tax Liability | |||
| Inocme under the head Capital Gain | |||
| Sale Consideration | 22,00,000.00 | ||
| Less:- Indexed Cost of Aquisation | |||
| Base Cost | 5,20,000.00 | ||
| 2005 | 480 | ||
| 2016 | 1081 | ||
| (520000/480*1081) | 11,71,083.33 | ||
| Less:- Indexed Cost of Improvement | |||
| Base Cost | 2,00,000.00 | ||
| 2005 | 480 | ||
| 2016 | 1081 | ||
| (200000/480*1081) | 4,50,416.67 | ||
| Inocme Under Capital Gain | 5,78,500.00 | ||
| Income Tax Liability | 1,19,171.00 | ||
Recent Topics :
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
Related Topics :
CAclubindia
