anil
asked
provided their is no other income
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veeru
answered
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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ankit jaiswal
answered
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.
