LTCG for Sale of Built up House At Faridabad
This query is : Resolved
11 April 2022
Good Day Sirs,
Please advise me LTCG & tax applicable for sale of house built on 160Sqyds plot at Faridabad in Sector 16. It was purchased in Nov1987 for Rs1,17,355/- and sold in Mar2022 at 75lacs. Broker was paid brokerage of Rs75,000 by cheque. Please advise:
1.How much will be LTCG?
2. How much of Tax will be required to be paid?
B Bhushan
Please advise me LTCG & tax applicable for sale of house built on 160Sqyds plot at Faridabad in Sector 16. It was purchased in Nov1987 for Rs1,17,355/- and sold in Mar2022 at 75lacs. Broker was paid brokerage of Rs75,000 by cheque. Please advise:
1.How much will be LTCG?
2. How much of Tax will be required to be paid?
B Bhushan
11 April 2022
1 Long term capital gains. Rs. 71.28 lacs.
2 20% tax payable on the above amount less 2.50 lacs basic exemption.
2 20% tax payable on the above amount less 2.50 lacs basic exemption.
11 April 2022
Don't we have to use FMV with base of 100 in 2001-2002 & circle rate.
12 April 2022
Yes, you are right we can use it.
22 April 2022
Thank you very much Sir
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