Easy Office
LCI Learning

Income tax on income from sale of property

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 June 2014
I had purchased a residential plot for Rs.236000/- in the year 2001. Now I sold the said plot for Rs.4000000/-. How much will be the the tax liability on the income from sale of this property.
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
26 June 2014 Capital Gain will b applicable. In other words this is ur income from capital gain. U need to calculate it by deduction index cost of acquisition and improvement(if any) and any brokerage paid on sale. The remainder if in profit will result in Capital Gain.
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
26 June 2014 you can calculate the LTCG
sales price - purchases cost x selling year index/purchase year index= gain
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links