Tax on property?
i sold a plot 1,60,000 in may 2007purchased within may 1999hoe much tax to be earnings by me
Answers: For how much you have purchased it ??. First provide that figer. Any way I will grant you a calculation. It it your self. In place of ?? grant your purchase rate.
*1) ?? x 551 / 389 = Your cost price as per indexation
2) Your sale price Rs. 1,60,000 (In may 07)
Deduct S.No.1 amount from S.No.2 Rs.1,60,000.
S.No.2 (-) S.No.1 is your Long Term possessions gains. You hold to pay rates (a)20% on it.
Example for *1); ??
If your cost price is Rs.80,000 the the calculation will be
80000 x 551 / 389 = 1,13,316.
1,60,000 (-) 1,13,316 = 46,684 is the index gain.
Tax on Rs.46,684 (a)20%= Rs.9337
Just replace 80,000 near your actual cost and do the calculation.
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Answers: For how much you have purchased it ??. First provide that figer. Any way I will grant you a calculation. It it your self. In place of ?? grant your purchase rate.
*1) ?? x 551 / 389 = Your cost price as per indexation
2) Your sale price Rs. 1,60,000 (In may 07)
Deduct S.No.1 amount from S.No.2 Rs.1,60,000.
S.No.2 (-) S.No.1 is your Long Term possessions gains. You hold to pay rates (a)20% on it.
Example for *1); ??
If your cost price is Rs.80,000 the the calculation will be
80000 x 551 / 389 = 1,13,316.
1,60,000 (-) 1,13,316 = 46,684 is the index gain.
Tax on Rs.46,684 (a)20%= Rs.9337
Just replace 80,000 near your actual cost and do the calculation.