Long term capital gain tax on apartment sale

311 views 2 replies

Hi,

My father purchased a flat in December 2003 for Rs 5,40,000. Flat was registered in april 2006. cost for registration and VAT was Rs 1,00,000.Also we have spent around 2 lakhs for furnishing in the year 2008

Flat was sold in December 2015 for Rs 16,50,000.Based on the indexation, what is the long term capital gain tax my father is supposed to pay. Also my father does not receive any income , so if any tax has to be paid, can it be exempted under the 2.5 lakh basic exemption limit.

thanks in advance.

 

Replies (2)

For computation of LTCG refer the link: https://finotax.com/income-tax/cgcalc

Cost of acquisition: 6,40,000

Cost of improvement: 2,00,000

Exemption limit of Rs.2.5 lacs is applicable for computation of LTCG and anything above the limit, shall be taxed at 20% + Cess

Thank you Poornima for your detailed response. Link was very helpful. I have a follow up question. 1. Should the year of consideration be 2003-2004(year of allotment ) or 2006-2007(year of registration)? 2. Can grill work and wardrobes be considered under cost of improvement?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details