Tax applicable on sale of property.
Milind
(Querist) 03 March 2018
This query is : Open
Hello,
We plan to sell a property at Uttar Pradesh soon at rs 90 Lakhs. Please let us know if we are supposed to pay any tax and if yes then the approximate tax that is payable.
ramesh
(Expert) 04 March 2018
If this is your only house, and want invest in another house, you need not to pay any tax.
If it's on resale after three years or more based on the index of year of purchase and current year purchase you need to pay tax.
ramesh
(Expert) 04 March 2018
If this is your only house, and want invest in another house, you need not to pay any tax.
If it's on resale after three years or more based on the index of year of purchase and current year purchase you need to pay tax.
Milind
(Querist) 04 March 2018
The property is around seventy years old, situated at Bihar.
Milind
(Querist) 04 March 2018
Thanks a lot Mr. Ramesh for your prompt reply. My mother has inherited this property from her parents. We are selling the property at 90lakhs and planning to purchase another property at around 50lakhs.
1) Are we supposed to pay any tax in this case ?
2) And if yes, then please let us know just an approximate figure of the tax payable.
3) Is there any other alternative to save the tax.?
Milind
(Querist) 05 March 2018
Thanks a lot Mr. Ramesh for your prompt reply. My mother has inherited this property from her parents. We are selling the property at 90lakhs and planning to purchase another property at around 50lakhs. 1) Are we supposed to pay any tax in this case ? 2) And if yes, then please let us know just an approximate figure of the tax payable. 3) Is there any other alternative to save the tax.?
