How wherewithal gain from property calculated surrounded by india?
i sold a plot at about 6 lakhs which i bought at 25000rs nearly 30 years support. how tax will be calculated as a senior citizen will the tariff exemption limit of 195000 will be deduct from capital gain amount OR it is deduct from tax calculated from funds gain. i have no other source of income but hold a house.
Answers: Even if you buy a house 30 years back, the cost of the house have to be known or estimated for the year 1981. The Govt. have fixed indexation as 100 for 1981. So you need to know the cost of the house as on 1.4.1981. If you do not know, next just assume the cost as on 1.4.1981 as Rs.30,000/- for the purpose of calculating your gain.
Your tax free amount Rs.1,95,000 will be in synch in property gains and not within tax amount.
6,00,000 is the Dutch auction value previously March 07.
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0,30,000 is the cost of the house on 1.4.1981
=======
100 is the index of 1981 & 551 is the index for 07-08
=======
Index cost of house now which be 30,000 on 1981
30000 x 551 / 100 = 1,65,300 is the indexed cost
=======
6,00,000 is sale effectiveness
1,65,300 is index cost.
------------
4,34,700 is your net L.T.sou`wester. Gain
1,95,000 LESS: Your Tax free income
------------
2,39,700 is the net L.T.Gains Taxable (a)20%
=======
0,47,940 is the excise (a)20% on 239700
0,01438 Add: Education cess (a)3% on tax 47974
-------------
0,49,378 Net Tax to be compensated.
=======
You can save the above due by way of investing 2,39,700 contained by tax abiding capital gain bonds or by buying another house / flat withing 2 years or constructing another house/flat with within 3 years from the date of sale.
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Don't rate, what this people are going to do next to your money...?
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Answers: Even if you buy a house 30 years back, the cost of the house have to be known or estimated for the year 1981. The Govt. have fixed indexation as 100 for 1981. So you need to know the cost of the house as on 1.4.1981. If you do not know, next just assume the cost as on 1.4.1981 as Rs.30,000/- for the purpose of calculating your gain.
Your tax free amount Rs.1,95,000 will be in synch in property gains and not within tax amount.
6,00,000 is the Dutch auction value previously March 07.
=======
0,30,000 is the cost of the house on 1.4.1981
=======
100 is the index of 1981 & 551 is the index for 07-08
=======
Index cost of house now which be 30,000 on 1981
30000 x 551 / 100 = 1,65,300 is the indexed cost
=======
6,00,000 is sale effectiveness
1,65,300 is index cost.
------------
4,34,700 is your net L.T.sou`wester. Gain
1,95,000 LESS: Your Tax free income
------------
2,39,700 is the net L.T.Gains Taxable (a)20%
=======
0,47,940 is the excise (a)20% on 239700
0,01438 Add: Education cess (a)3% on tax 47974
-------------
0,49,378 Net Tax to be compensated.
=======
You can save the above due by way of investing 2,39,700 contained by tax abiding capital gain bonds or by buying another house / flat withing 2 years or constructing another house/flat with within 3 years from the date of sale.
Why we enjoy to pay the money for fullfilling their fantacies..?
Don't rate, what this people are going to do next to your money...?