23 November 2011
I have purchased house 15 year back & sold now what will be the capital gain. I don’t want to invest in tax saving scheme nor purchased new house. What will the tax liability.
23 November 2011
In this case u can get benefit of indexation and balance of capital gain if any will be utilized within a period of 2 years prior to sale or 3 years from the date of sale. You can deposit this amount in capital gain account with a bank.if you don't want to invest or purchase new home then ur liability will be calculated as follows;
Sale consideration Less; expenses of sale Less; indexed cost of acquisition Less; indexed cost of improvement Balance is capital gain , will be taxed @20% flat rate.
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