Saqif OM (Manager(F&A)) (319 Points)
31 October 2019Hi all,
Scenario :
Suppose Mr.A possess 10 cents of land and house property .
Purchase date : 01/01/1991 @ consolidated cost of Rs.10 lakhs
Sales date 01/01/2020 @ consolidated cost of Rs.100 lakhs.
On what amount Income Tax will be assessed?
Sub scenario - what will be his Income tax liability..
a)If he buys another property of 100 lakhs before March 31st ?
b)If he could not buy another property of the same value as on 31st March.
Please have your views.
regards,
Saqif
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 01 November 2019
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Scenario :
GET VALUATION OF THE PROPERTY AS ON 01.04.2001 FROM VALUER OR FROM SUB-REGISTRAR OFFICE. IF IT IS 'X'. LONG TERM CAPITAL GAINS TAX WOULD BE 20% OVER [100-X]. WILL GET EXEMPTION U/S. 54 OF THE ACT; SO NO TAX LIABILITY
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