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if land is purchased in june 2010 for 540000 and it is sold for 1800000 in dec 2015 what is the taxable income

Open uri20170510 32134 w73xg6?1494421630 anil asked almost 3 years ago

provided their is no other income

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

First of all this land is a long term asset hence its taxable value is as follows: Sale consideration (sale price) = 1800000 less: cost of acquisition (purchase price after indexation)= (777722) Taxable value = 1022278

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ankit jaiswal answered almost 3 years ago

Dear Anil, First of all this land is a long term asset hence its taxable value is as follows: Sale consideration (sale price) = 1800000 less: cost of acquisition (purchase price after indexation)= (777722) Taxable value = 1022278 So you have to pay tax on rs. 1022278. You can also save your tax by investing it for purchase of another residential house or bonds of NHAI, RECL or any other capital property as the case may be.

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