tax liable
R_PVK
(Querist) 09 June 2010
This query is : Resolved
dear sir
if mu total income of all source is 2.5lac and my capital gain is around 15 lac of immovable property what will be the incomtax liability if i get this capital gain within three years or if i get the same capital gain after three years pl advice
regards
prabhu
Sankaranarayanan
(Expert) 09 June 2010
ur question is not clear , what property u bought and when u bought and how long u kept and when u sold. Those details are fundamental for assess the capital gain.U better to consult the auditor nearer to ur place. Cost of index is main to get the capital gain.
As per ur statement ur amount is bellow 50 lakh so u can invest the capital gain amount with specific Bank of 3 years locking period. since those time the govt give nominal interst to ur amount. Once after three year those amount become free from capital gain tax.
AMIT BAJAJ ADVOCATE
(Expert) 09 June 2010
If you sell the immovable property within 3 years of its purchase then it will be taxable as STCG and it will be included in the normal income and will be taxable at normal slab rates.
If sold after 3 years of its purchase then it will be taxable as LTCG @ 20% after indexation.
The detail about other income of 2.5 lacs is not provided to suggest exactly about its taxation.
R_PVK
(Querist) 07 July 2010
ok thanks
