Long term capital gains tax query 2018

Purchased two plot adjacent.

Plot 1 in 1984 purchasing cost 1500.

Plot 2 in 2003 purchasing cost 25000 .

Sold these two plots in may 2018, selling Price is 425000 together.

FMV of plot 1 in 2001 was 45000.

So, total Cost of Acquisition of two plots in 2018 is around 187000.(by using new CII index)

Cii for 2001,2003 and 2018 are 100,105 and 272 respectively .

Capital gain= 425000 - 187000= 238000.

Q1.Do I have any long term capital gain tax liability ?(provided I don't have any income in that fy)

Q2.If any, How much tax I have to pay ?

Q3. Do I have to file return if tax liability is nil after substraction the acquisition cost from sell value ?

Please clarify. Thank you.

Replies (6)

You have no liabilty to pay tax because youe income does not exeecds 2.5 lakhs   

For your  safety  filing return is good

Yes you do not have any tax liability
Do I need to file return ?
Do I need to file return ?

You are not liable for Tax. As your Total income does not exceed minimum exemption limit i.e; 2,50,000.

Also, you can file return showing your Capital Gain without Taxability. 

It is good practise to File Income Tax Return.

You can file your return with nil tax liability to avoid any further issues

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