Sale of open site - income tax applicability

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Sir, 

We have sold an open site for Rs.12.8 Lakhs which was purchased in the year 2001 @ 1.25L. What will be the tax applicability on this? 

Replies (1)

There is long term capital gain.

Indexed cost: 1.25 x 280/100 = 3.5.

LTCG: 12.8 - 3.5 = 9.3.

Tax: 20% = 1.86.


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