LCI Learning
Master the Basics of Legal Drafting in All Courts. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Capital gains tax

(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%.
Adv k . mahesh (Expert) 04 April 2013
comes under short term gains
Raj Kumar Makkad (Expert) 04 April 2013
I do endorse the advice of the experts.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :