Dear Sir, I have sold my joint property with my brother in Malad (West) Mumbai which we have purchased in 45,00,000 (Forty Five Lacs). We have sold that property in 1,30,00,000 (One Crore Thirty Lacs) We have equal share in property which was sold. Please tell me what will be capital gain tax per head. Purchase date 11.07.2011 Sale of property 16.02.2019 Thanks Himanshu Shah
Dear Himanshu,
Hope you are doing well !!
The long term capital gain would be as below:
Sales consideration= Rs 1.30 Cr
Indexed cost of acquisition= Rs .45 Cr*280/184= Rs. .68 Cr i.e (Rs, 68,47,826)
LTCG= Rs. 1.30 Cr-.68 Cr= Rs. .61 Cr i.e. (Rs 61,52,174).
LTCG tax is 20.8% on Rs, 61,52,153/- = Rs 12,79,652/-
Per head - capital gain tax will be Rs. 6,39,836/-
Hi,
- LTCG per head would be Rs.30,76,090 and tax would be Rs. 6,39,830 (assuming total income is below more than Rs. 50 lacs).
Thanks
Capital gain would be 61.52 lakh and tax per head on same would be 6.15 lakh.
However you can save it by either investing in bonds mentioned u/s 54 EC or in another residential property.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi Himanshu
Capital gains of each of you would be 30,76,090. Capital gain tax would be 6,39,830.
You may opt for reinvestment based exemptions from capital gains by investing the capital gain amount in another residential house property or eligible bonds.
If you are not opting for any exemptions, you should deposit the advance taxes timely to avoid any interest liabilities.
