It would be around 2.56 cr.
What would be the LTGN tax
I had purchased a propertyjointly with my wife, in Gurgaon (Haryana) in Sept 2001 for Rs.51 Lacs. i am expecting a sale price for the property Rs.4 Crores as on date. what would be the Long term capital gain tax if I am able sell the property at espaecte value.
Asked 5 years ago in Capital Gains Tax
as above
Asked 5 years ago
Dear Sir,
Hope you are doing well !!
The LTCG would be Rs. ~ 2.57 cr.
It will be chargeable @ 20.8% i.e the LTCG tax would be Rs. ~54 lakh.
You capital gain would be around 2.5 crore and tax on same would be @20% i.e. around 50 lakh.
If you need any help in filing ITR you can contact me.
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Thank you
Hi
The capital gains shall be around 2.5-2.6 lacs. Long term capital gains are taxable@20%.
You may opt for reinvestment options under section 54 to claim exemption from capital gains.
Hi,
The long term capital gain shall be computed as follows:
Sale value - 4 crores
Cost indexed - 51*2.8= 1.62cr.
Capital gains = 2.48 cr
- Clubbing shall apply as the assessee has transferred the property to wife without any adequate consideration.
- For tax saving in your case, we will have to do proper research.
Thanks
Damini
Further,you can save capital gain tax by investing the above capital gain amount in any of the following:
1.Invest the amount in bonds specified u/s 54EC within 6 months from the date of transfer.
2. Purchase of new residential house property within 2 years or construct within 3 years from the date of transfer.
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