tax on long term capital gains if zero income

My uncle purchased one plot in 1989 in ~ Rs 20000. Now he is not earning anything and has to sell the plot. He will be getting ~Rs 300000 (3 lacs) by selling the plot. Please let me if he has to pay tax at 20.6% for the long term capital gains or lesser tax he is having zero earning. Regards, Sharad

asked Jun 11 '12 at 13:37 by shagoyal 111

Long term gains would be around 2 lacs with indexation benefit. He need not to pay any income tax till non-taxable range (1.8 lacs for FY 2011-12, 2 lacs for FY 2012-13). Any amount above this would be taxable at 20.6%.

answered Jun 12 '12 at 00:40 by Pankaj Batra 5.2k320


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Asked: Jun 11 '12 at 13:37

Seen: 1,098 times

Last updated: Jun 12 '12 at 00:40