CAN WE APPLY TAX LTCG ON SALE OF LAND @ 10% WITHOUT INDEXATION OR NORMAL TAX SLABS OF AN INDIVIDUAL???
3 Replies
(Guest)
1)Long-term gains arise if you sell listed securities, zero coupen bonds etc after holding for at least 12 months and are taxed at 20% with indexation and 10% without indexation
this does not apply to land.
2)for individuals/HUF, if the total inc- LTCG is below taxable, then the difference will be reduced from LTCG and flat rate of 20% will be charged
CA Payal Agarwal
(Executive Officer)
(25 Points)
Replied 02 August 2013
The tax rate on long-term capital gains is 20% of the profit after indexation of cost. The option of paying tax at 10% without indexation is only available in the case of financial assets like mutual funds and the like; it is not available in the case of immovable property - for property, the tax has to be calculated at 20% post indexation.
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