house property sold
This query is : Resolved
09 February 2011
date of allotment letter July 1985
date of possession Jan 1986
Total cost Rs.73,965/- paid in July 1985
Sold in May 2010 Rs 40 lakhs.
New house purchases with all expenses RS35,00,000-/
can any 1 help me out for the advance tax liabilities n it's working
date of possession Jan 1986
Total cost Rs.73,965/- paid in July 1985
Sold in May 2010 Rs 40 lakhs.
New house purchases with all expenses RS35,00,000-/
can any 1 help me out for the advance tax liabilities n it's working
09 February 2011
Profit on sale of house property is long term gain. Calculate tax liability as follows:
a) calculate indexed cost of purchase by applying cost inflation index.
b) LTCG = sales value less indexed cost
c) if the cost of new house is equal to or morethan the gain whole of the amount will be exempted u/s 54 of the IT Act
d) on the other hand, pay tax @ 20% plus cess on difference between the amount of capital gain and cost of new house.
a) calculate indexed cost of purchase by applying cost inflation index.
b) LTCG = sales value less indexed cost
c) if the cost of new house is equal to or morethan the gain whole of the amount will be exempted u/s 54 of the IT Act
d) on the other hand, pay tax @ 20% plus cess on difference between the amount of capital gain and cost of new house.
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