Dear friends,
Whether on LTCG in respect of an immovable property, can we calculate the tax liability with out taking the benefift of indexation, i.e., @ 10%?
regards
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear manish
according to proviso to sec.112 the benefit of indexation can only be taken on security,units and zero coupan bonds.so u can not claim benefit of indexation on immovable property.
regards
tarun rustagi
Harpreet
(* * * * * *)
(1670 Points)
Replied 22 July 2010
I think Mr. Rustogi has wrote incorrect words as per my knowledge indexation must entertained whenever we deal in immovable property.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear harpreet
plz read the query again and again reply.the question is about the rate of tax i.e 10% or 20%.in this case he will be liable to pay tax @ 20% as he wants to claim rate of 10% without indexation.
waiting for ur views again.
regards
tarun rustagi
CAclubindia
