India: toll implication on selling residential landscape?
I bought a residential ground TWO years subsidise for Rs. X.
Now, I entail money to buy a flat and so I plan to flog the lands.
The flats' cost is 2X.
And I am competent to find a buyer for my come to rest for a price of 2X (lucky me !?).
My give somebody the third degree is: Will here be any Tax that I own to discharge for my manor public sale transaction ? Or will it even out next to my flat buying expense ?
Note that I am already in the superior levy bracket and paying lots of rates to my country !
Thanks surrounded by Advance !
Answers:
The answer given by Sharmaji is applicable solely you you hold the property for 3 years complete. The first answer is the right answer contained by my belief. Further for availing benifit of of have it "evened out" you should not own more than one residential properties.
You must clutch proposal of flawless conusltant.
if u supply topography you are liable to payment means gain import tax on the profit (a) 20% plus applicable surcharges.It will not even out next to your flat purchase. if u want to even out the gain next to investment in a flat/house u hold to hang about for a further year. minimum holding time of year is three years.
You are liable to reimburse income charge on the profit (capital gains) worked out according to cost inflation index. Had it be the residential house, you would enjoy get the benefit of rates exemption on repurchase of current residential property. The cost inflation index for the financial year 2006-07 is 519. The sums of income gain excise on property is:-
Sale price Minus the Cost of purchase X cost inflation index of the year where asset is sold (divided by) cost inflation index of the year of purchase. The resultant amount is property gain on which you are liable to payment income toll.
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Now, I entail money to buy a flat and so I plan to flog the lands.
The flats' cost is 2X.
And I am competent to find a buyer for my come to rest for a price of 2X (lucky me !?).
My give somebody the third degree is: Will here be any Tax that I own to discharge for my manor public sale transaction ? Or will it even out next to my flat buying expense ?
Note that I am already in the superior levy bracket and paying lots of rates to my country !
Thanks surrounded by Advance !
Answers:
The answer given by Sharmaji is applicable solely you you hold the property for 3 years complete. The first answer is the right answer contained by my belief. Further for availing benifit of of have it "evened out" you should not own more than one residential properties.
You must clutch proposal of flawless conusltant.
if u supply topography you are liable to payment means gain import tax on the profit (a) 20% plus applicable surcharges.It will not even out next to your flat purchase. if u want to even out the gain next to investment in a flat/house u hold to hang about for a further year. minimum holding time of year is three years.
You are liable to reimburse income charge on the profit (capital gains) worked out according to cost inflation index. Had it be the residential house, you would enjoy get the benefit of rates exemption on repurchase of current residential property. The cost inflation index for the financial year 2006-07 is 519. The sums of income gain excise on property is:-
Sale price Minus the Cost of purchase X cost inflation index of the year where asset is sold (divided by) cost inflation index of the year of purchase. The resultant amount is property gain on which you are liable to payment income toll.