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Income tax on sale immovable property

Hafizul Hoque (Assistant Teacher) (21 Points)

16 May 2019

How to calculate income tax on sale of immovable property?

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4 Replies

CA Shikha Sharma (Ceo) (3869 Points)
Replied 16 May 2019

sale of immovable property attracts capital gain from capital.asset (land aur building)
it's period of holding is 24 months (long term or short term)

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prasad Nilugal ( GST Practitioner & Accounts ) (14163 Points)
Replied 16 May 2019

If you are selling your property this year (2019) , then you have to find out the value of your property in the year 2001 from registered valuer for indexation and capital Gain form property for taxation .

Deepak Sharma (manager) (276 Points)
Replied 17 May 2019

Read : https://housing.com/news/long-term-capital-gains-tax-property-5-things-must-know/

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prasad Nilugal ( GST Practitioner & Accounts ) (14163 Points)
Replied 18 May 2019

with reference to my reply , I would like inform you that if your property purchase before 2001 , then only you have to find out value of property in the year 2001 and if you purchase after 2001 then you have use current indexation chart for capital gain Tax .