i am holding 5000 sq ft NA plot in grampanchayat location. now I want go for development. after development i will get 40% share of construction that saling cost will be 55 lacs. approx. and my purchase price means indexed cost will be around 10 lac.
i want know what will be my tax liability approximately.
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20% + 4% cess over long term capital gains till the date of possession of the built property. Any additional Short term gains as per slab rate.
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