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Dear Sir, I have a plot in my name around 5 years back. I Sold the same in year 2011 July and received around 50,00,000/-, the cost of the plot in 2006 was 30,00,000/-. Can you please tell me the amount of Long term Capital gain that i earned? Also how can i save the entire amount from tax liability or do i have any certain exemptions? Secondly i want to know, if have purchased another plot costing around 25,00,000 in year 2010 Dec. Do it helps me to save some tax of mine (if). Please do the neddful ASAP. Regards, Deepak. asked Sep 07 '11 at 16:24 by Deepak Khatri 1●1●1●1 |
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Below is the long term gains and income tax computation: Purchase Year = 2006-07 Sale Year = 2011-12 Indexed Purchase price = 3000000 x (785/519) = 4537572 If you want to save this tax of around 92000, you will have to buy a residential house property for cost more than sale consideration (50 lacs) or construct a new house on land. This can be done within one year before selling plot or two years after that (three years in case of construction). You can get tax benefit for plot purchased in Dec 2010 too if you construct a house on it. answered Sep 07 '11 at 22:30 by Pankaj Batra 5.2k●3●20 |