My Friend Purchased a land on 23.07.2014 for 8,25,000/-, he is selling this land now on 15.04.2026 for 12,50,000/-, How much tax will he have to pay? does he get any indexation benefit ? He files Income tax under New Regime.
Menu
LTCG on Sale of land bought on 23.07.14 and sold on 15.04.26
Replies (1)
Your friend should choose the Old Rule because it results in a Nil Tax liability.
-
Tax Payable: ₹0
-
Benefit: He can actually carry forward the calculated capital loss (approx. ₹73,437) to offset against any future Long-Term Capital Gains for up to 8 years, provided he files his ITR on time.
Ensure your friend keeps the sale deed and purchase deed handy, and consider any registration fees or brokerage paid during purchase/sale, as these can be added to the cost to further increase the loss/reduce gains.
Recent Threads
- LTCG on Sale of land bought on 23.07.14 and sold o
- PART B TO D IN INCOME TAX BLOCK RETURN ITRB
- 44ADA (software) and 44AD (app sales on store) whi
- GST registration for additional places of business
- Royalty on Intellectual property Rights
- Form 121 submission
- Wines shop
- GST ALL SEC AND RULES
- CA Final 2 Attempts a Year – Relief or Press
- ITR-3 Presumptive 44AD + Business income - Require
Related Threads
CAclubindia
