I have purchased a immovable property in 2019 whose market value was 10 lacs but i have purchased it in 2 lacs
Is this taxable in 19 -20 or not and how?
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Tax related
Replies (2)
Not taxable unless you sell it. If you sell it then capital gain tax applicable. Net sale consideration- indexed cost of acquisition/cost of acquisition. long term capital gain tax rate is 20% and short term capital gain taxable as per slab rate applicable to you
Taxable u/s. 56(2)(x), for difference of 8 lakhs.
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