Capital Gain Tax
My Mother had purchased flat in Delhi in 1980 for 2 lakhs and she expired in 2011 leaving her will in my name and my brother as successor. The flat was sold by us in 2015 for 75 lakhs. Please guide how much capital gain tax is payable and after paying the tax, the balance amount becomes tax free in the coming years? more
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Dear Mr. Neeraj, Capital gain based on the details shared comes to Rs. 53.38 lakhs. Thus CG tax would be 10.67 lakhs. If you buy a residetail property of Rs. 53.38 lakhs you do not need to pay the CG tax. more
Jul 16
Dear Shri Vikas, The house was purchased in 1980 by my Mother and she expired in 2011 and I sold the house in 2015. Now I want to know how much Percent Capital Tax I have to pay? Thanks more
Jul 14
Dear Mr. Niraj, Income earned from current house is long term capital gain in nature an you can get benefit of indexation also for the period house was in your name. You have an option of not paying tax if you purchase a new house within 2 year from the year in which the house was sold. However, till that time money is not used to buy the house, it has to be deposited in a capital gain escrow account. Hope it helps Rgds, Vikas more
Jul 12
