I am having a house which I want to Sell. Whatever the amount I receive on sale of the house, how much Tax will be payable. How much exemption did I get? Can I get a clear picture or computation?
Please let me know so that I can plan while filing Individual return.
05 March 2012
You shall first require to ascertain the indexed cost of acquisition of the house property you wish to sell, then arrive at the gain amount. Should the property be held for more than 3 years it shall be taxed @ 20% otherwise taxed @ regular rate of tax.
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