What will be the taxable amount?

214 views 2 replies

Hi,

This question is with regards to future investment planning.

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Say I have purchased a property (assume all in white money, which was taxed), and sold after few years with x% profit. Do we need to pay for all the amount (original + profit) or need to pay only on profit accrued?

Ex. Purchased land worth 50lakhs in 2019, and sold it in 2022 for 75lakhs. Should I pay for entire 75lakhs or only 25lakhs?

 

 

 

Replies (2)

Naturally only over gains!!

As in example, 20% LT cap gain over 25 lakhs.

the calculation of gains(profit in ur terms) varies in i.tax .....it uses c.i.i number for calculatn.....such gains vl b taxed at 20prcnt....

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