TAX ON SALE OF FLAT
This query is : Resolved
28 September 2010
I had purchased a 2BHK in Jan 2007 for Rs 20,00,000/- and want to sell it in Nov 2010 and will get Rs 52,00,000/- from its sale as per present market rate . I want to use the full amount received from the sale of my flat for my side business.Pl confirm the Income Tax I would have to pay to use this full amount for my business. I am a salaried person having annual income of Rs 2,40,000/-. Thankx
29 September 2010
It will be Long Term Capital Gains taxable at a flat rate of 20% but you may avail indexation benefit while calculating the gain
29 September 2010
As per detail for sale of flat provided, a long capital gain liabilty arise @ 20% on total capital gain & you will not eligible to get exemption ,as you going to invest money in business.
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