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


Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Jun 11 '12 at 13:37

Seen: 1,618 times

Last updated: Jun 12 '12 at 00:40