I have booked a flat in 2012 in noida. My payment plan is construction link plan. I paid almost 90%of money till 2016. and registry done in 2020. now.i want to sell my flat. Is there any capital gain tax I have to pay. Or if I have to pay tax then what the percentage I have to pay. Please advice on indexing date.Is it 2012(date of booking) or 2020(date of registry).
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Tax on property sale.
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Long term Capital Gains on sale of real estate are taxed at 20%, plus a cess of 3%, if the sale fulfils certain conditions. If you sell a property that was gifted to you, or that you have inherited, you will still be liable to pay capital gains tax on it.
Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on a number of factors, such as your income and size of gain. For residential property it may be 18% or 28% of the gain (not the total sale price).
Yes, tax to be paid on long term capital gain @ 20%
Capital gain = net sale consideration - indexed cost of acquisition
Indexed cost of acquisition = Index for the year of sale/ Index in the year of acquisition x cost.
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