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Tax for income from real estate

30 September 2017

Hi,

A land which was bought in 1987 for 17,500/-. Now I am planning to sell land for 25 lakh. What will be the taxable amount. (As per my current income I am in 5% slab)

Thank in advance.

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 30 September 2017

Get the valuation certificate of the land as on April, 2001.

Suppose it is X. So........ that will be indexed to current year cost as 2.72*X.

Thus, your Capital Gains will be (25 lakhs - 2.72X)............ which attracts 20.6% LTCG tax.

Sells expenses and any investement u/s. 54, 54EC etc. are allowed to be deducted from LTCG.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 01 October 2017

Dear Dhirajlal Rambhia Sir.,
Thanks for reply Sir....

Sorry for the Cross here. But, I don't know how I ask a doubt to You...!
Sir, Can I ask here...?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 02 October 2017

Yes Dear,

If I know the answer will definitely share it........... or may provide any link if it is lengthy or theoretical.........

But one thing is clear....... I avoid giving any solutions to GST queries till the proceedure get settled............ I don't like to give any solution if it is not valid next day !!!

One more thing......... For GST queries our expert CA Madhukar ji would be most authentic and updated...... you may raise your query at madhukar @ hiregange.com.

Similarly there are some very good experts on CCI portal CA R Seetharaman Sir... (https://www.indiafilings.com/pondicherry/chartered-accountant/r-seetharaman)

CA B Chakrapani Warrier Sir (https://www.quickerala.com/ernakulam/warriam-road/ramachandran-krishnakumar/237728)..............

and many more......... where you may get perfect solutions.... Good Luck......

1 Like

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 02 October 2017

Dear Dhirajlal Rambhia Sir.,
Thank you for the reply Sir...

Really I get good reply from you for GST related and the standing for our position....

Really I want GST related Sir...
After your reply I ll follow the same..... 🙏🙏🙏😊😊😊

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 02 October 2017

As I said earlier............ I will try my best........... but unless I know the query, how to reply?

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 02 October 2017

My Dear Dhirajlal Sir.,

I mean, this one

(After your reply I ll follow the same) to this

(I avoid giving any solutions to GST queries till the proceedure get settled............ I don't like to give any solution if it is not valid next day !!!)

Sorry for the Confusion...