A person purchase a flat without home loan. around 3-4 before at 21 lakh.
Now he sell his proprietary at 27 lakh. Hi is liable to capital gain or any income tax plz tell me.
6 Replies
Hitesh
(Student)
(3549 Points)
Replied 22 October 2018
21 lakhs will be subject to indexation and after indexation deduct from 27 lakhs. if amt is + then he it is capital gains
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 22 October 2018
Chargeable under Capital Gains if the Net result is positive.
Since the property is long term hence Indexation benefit can be availed as per Sec 48.
Since the property is long term hence Indexation benefit can be availed as per Sec 48.
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 22 October 2018
As per 112 it is taxable @ 20% + Cess
RAJKUMAR TG
(397 Points)
Replied 22 October 2018
moreover cost of acquisition includes ppty cost as per registration deed stamp paper cost and improvement capital in nature with Bill's.
from sale consideration legal fees brokerage could b deducted and indexation benefit
from sale consideration legal fees brokerage could b deducted and indexation benefit
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