Sale of house
This query is : Resolved
28 September 2013
for example,if A bought a land in 2005 for 20 lakh , then A build an house in that land and sale his house for 70 lakh in 2013 . i need to know how much amount A need to pay to income tax? i want to know the calculation also?
28 September 2013
Sale Consideration 7000000
Less:
Cost of Acquisition 3778672
{939/497 X 2000000}
Indexation of the Sale date/ Indexation of the Acquisition date X cost
Long term Capital gain 3224328
tax on it @ 20 percent i.e 644265
Less:
Cost of Acquisition 3778672
{939/497 X 2000000}
Indexation of the Sale date/ Indexation of the Acquisition date X cost
Long term Capital gain 3224328
tax on it @ 20 percent i.e 644265
29 September 2013
same treatment given by Mr. Aryan then,
you can go for exemption claim u/s 54 also.
then all tax on Long term capital gain will be exempt if condition fulfill as per section define.
you can go for exemption claim u/s 54 also.
then all tax on Long term capital gain will be exempt if condition fulfill as per section define.
08 October 2013
In which year the house was constructed is missing as a house cannot be constructed immediately it takes some time and date matters. Basing on the year given by you the LTCG will be applicable.
17 October 2013
If its long term capital gain then the cal given by Aryan is correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Excess income received or excess expenses paid
- What is reason of its
- Is Input or receivable interchangeable words
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
