I had purchased a flat for 23.8L in April 2006 in Bangalore and will be selling it for 30Lakhs.
Please confirm if i have to pay any capital gains tax ? I am a salaried individual and my income
is above 10L(25% tax bracket).
Thanks in Advance.
Girlchild2 (NA) 03 March 2015
I had purchased a flat for 23.8L in April 2006 in Bangalore and will be selling it for 30Lakhs.
Please confirm if i have to pay any capital gains tax ? I am a salaried individual and my income
is above 10L(25% tax bracket).
Thanks in Advance.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 04 March 2015
You can get exemption from payment of tax under section 54. Please go through it.
Girlchild2 (NA) 05 March 2015
Thanks for your reply sir. However i had purchased another flat about 2 years back and have no interest to buy another property with the sale proceeds of this flat i am selling.Can you guide me as to how much Long term capital gains tax i will be liable to pay ? I used a online calculator with indexation, as per which i do not have to pay any tax. Please confirm.
T. Kalaiselvan, Advocate (Advocate) 08 March 2015
If you know the things better you should not have posted the matter here however even now you can consult a local tax consultatnt who will be able to guide your further on this issue.
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
