CALCULATION OF INCOME TAX

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2010 I had brought a residential flat in Jan 2007 for Rs 20,00,000/- and now selling(Nov 2010) for Rs 37,00,000/-. I do not want to reinvest the amount in another house but want to use the full amount for starting a business. How much tax will I have to pay in my case in order to use the full amount.I am presently unemployed since Feb 2010.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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27 October 2010 You have not mentioned cost of improvement of house, or expenditure of transfer etc.

Long term Capital gain is taxable @ of 20%+ cess.