REGARDING LONG TERM CAPITAL GAIN

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accountant
564 Points Posted on 04 February 2020
RESPECTED ALL MEMBERS
ONE LAND SALE IN 2019 DEC MONTH IN 1323000
COST PRICE IS 23000
AND PURCHASE JAN MONTH 89600
SO WHICH AMOUNT DEPOSITE TO CAPITAL GAIN SCHEME.
and HOWMANY TAX PAYBLE.
PLEASE HELP ME
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On 04 February 2020 at 19:04 Report
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Quick Summary
This discussion covers calculating long-term capital gains tax on property sales. It addresses how to determine taxable gains based on purchase and sale dates, factoring in costs and potential inflation adjustments. The thread also explores options for reinvesting gains into capital gains bonds to defer tax liability.

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Studwnt
1141 Points Posted on 05 February 2020
Which year did you purchase ? and which year did yous sell. any improvement were made to the property?if yes in which year.
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On 05 February 2020 at 07:31
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accountant
564 Points Posted on 05 February 2020
Purchase 1994
sale 2019
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On 05 February 2020 at 10:07
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Studwnt
1141 Points Posted on 05 February 2020
1320000-(23000*289/100)(if you have Fair market value as on 1/4/2001 then replace 23000 with that.) capital gain amount 1253530. you can invest this amount in bonds and no need to pay tax. but bond investment will be locked in for 5 yrs.
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On 05 February 2020 at 10:49
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2 Points Posted on 06 February 2020
Built house purchased in Feb 2018 for RS.3500000 and sold in Jan 2020 for Rs.3870000. How much capital gains to be there
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On 06 February 2020 at 19:50

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