23 July 2020
Purchase land 1992 value Rs. 52000/- sale the property march, 2020. Value of rs. 36,00,000/- 1)This is a taxable income for capital gains? 2) if capital gains then which % are calculated? 3) any deduction for this income?
25 July 2020
Yes this is taxable income.
The rate of tax would be 20% and cess of 4% so ultimate rate is 20.8% and if planned properly you could save taxes by investing the proceeds as prescribed in the income tax act.
If you mail you entire query at the following id, I can guide about the exemptions available.
caankithjain@gmail.com
CAclubindia
