Capital gains tax
Elzhil
(Querist) 04 April 2013
This query is : Resolved
Sir, I have a flat in Bangalore with the following purchase details: Date of Purchase Agreement - Feb 2010 with value INR 38,80,000; Date of Registration / Possession - Nov 2010 with value INR 18,60,000.
Now I'm selling this flat with the following details: Date of Sale Agreement - Apr 2013 with value INR 67,00,000; Date of Registration - July 2013 with value INR 67,00,000. Questions: 1) Will this come under Short term gain or Long term gain and how it is calculated 2) how much will be the capital gain tax 3) How to minimize this tax. Thanks a lot for your help.
ajay sethi
(Expert) 04 April 2013
you have made a profit of rs 30 lakhs . consult your CA . you have to basically invest in another property within prescribed period to avoid taxes .
prabhakar singh
(Expert) 04 April 2013
This shall come under Short term capital gain.No cost index benefit available.Sale value minus purchase value equall to gain chargeable probably @30%.
