when any property puchase by person in 2001 and He wan't to sale out in 2022, the Value of property is 4 lac at the time of purchasing nd Now The value of property is 40 lac
Is any income tax Should be on ????
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Sale of Property after 20 years
Replies (5)
Quick Summary
Is the date of purchase is after 01.04.2001 or before 01.04.2001 ?
Around 6lacs income tax has to be paid
After Apr 2001
40lacs
- (4lacs * 330/100)
-----------
Approximately 26.8lacs is the capital gain
Tax @ 20.8%
5.57lacs is the estimated tax to be paid
330/- is the expected index number for current FY#2022-23
- (4lacs * 330/100)
-----------
Approximately 26.8lacs is the capital gain
Tax @ 20.8%
5.57lacs is the estimated tax to be paid
330/- is the expected index number for current FY#2022-23
Ashu there is some other things you have to analyse first whether you have constructed any building on the land if it is yes you can add cost of improvement and indexation on cost of improvement can also be claimed and there is another exemption that if you invest that money on purchase of another land within two years deductions can also be claimed in that. contact me at mrgstconsultancy @ gmail.com ill help u regarding the same
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