house tax query
please explain if I sell my current house for 1crore 10 lacks and buy other house for 60 lacks.then how tax calculated? and how to save tax ?and for other amount to be used by my mom dad as they are not earning now.please help to explain what to be done??
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Replies (1)
you have not given the cost of acquisition of your house and year of purchase.
if house is purchased before Apr2001 then you need to arrive at the market value as on Apr2001. then the cost or market value whichever is high will be indexed and deducted from sale consideration of 1.1cr.
balance is taxable capital gains. this entire capital gains is required to be invested in another house property else you will be liable to pay capital gains tax @ 20%.
the amount after capital gains is freely utilizable for any purpose
if house is purchased before Apr2001 then you need to arrive at the market value as on Apr2001. then the cost or market value whichever is high will be indexed and deducted from sale consideration of 1.1cr.
balance is taxable capital gains. this entire capital gains is required to be invested in another house property else you will be liable to pay capital gains tax @ 20%.
the amount after capital gains is freely utilizable for any purpose
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