LTCG FOR SALE OF RESIDENTIAL PLOT

160 views
User Avatar

MBA
248 Points Posted on 07 September 2020
what is the income tax rate of LTCG for sale of residential plot sold on Nov 2019
0 Reply Share Follow
On 07 September 2020 at 13:26 Report
Replies (2)
Quick Summary
This discussion clarifies the Income Tax rate for Long Term Capital Gains (LTCG) on residential plot sales made in November 2019. The standard LTCG tax rate is 20% under Section 112. However, individuals can potentially reduce or eliminate this tax by claiming exemptions under Section 54 series, which includes options like investing in another property or specific bonds.

User Avatar

Tax and Business Consultant
11616 Points Posted on 07 September 2020
LTCG tax rate @ 20%
But you can save tax by taking exemption u/s 54 series.. ect....like by doing investment in other house Property, investment in bond ect.
1 Reply
On 07 September 2020 at 13:36
User Avatar

132 Points Posted on 08 September 2020
You can take exemption under section 54 series but if no exemption taken then, LTCG will be taxable under section 112 @ 20%
Reply
On 08 September 2020 at 01:57

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. LTCG on property sale
  2. Capital gains incidence due to bonus shares
  3. Amendment of Object Clause of Memorandum
  4. How Can I Request a Refund for an Accidental Airte
  5. TDS on salary paid in cash
  6. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
  7. Last Date To Fill ITR For Non-Audit Case
  8. Guidance Required on Filing Fresh Registration und
  9. IT Return Refund Status AY 2026-27
  10. Clarification Regarding Income Tax Demand Notice

More recent discussions | Post

Related Topics :

Loading