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Sir. A Flat at D' Silva Road Chennai600004, measuring 1500 sq ft plinth are with 965 sq ft of undivided land purchased in 1996 If I sell this property now (2011) Q1) how much capital gain tax I have to pay Q2)If I have to buy another property after this sale, to what amount should I purchase or how much should I invest to avoid paying Tax asked Aug 31 '11 at 11:55 by windows 1●1●1●1 |
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You can compute capital gains and income tax by using below formula: Purchase Year = A Sale Year = B Indexed Purchase price = P x (Y/X) = R As flat is being sold, income tax can be saved by buying a new residential house property (u/s 54) or investing into capital gain bonds (u/s 54EC). If amount invested is more than gains computed above (S) then no income tax would be payable. answered Aug 31 '11 at 20:45 by Pankaj Batra 5.2k●3●20 |