anil
asked over 3 years ago
provided their is no other income
veeru
answered over 3 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
ankit jaiswal
answered over 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.
