SALE OF PLOT

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  1. KAILASH JOSHI 342

    KAILASH JOSHI 342 New Member

    SIR
    I SOLD A PLOT RECENTLY ON 19 FEB 2016 WHICH WAS PURCHASED IN 2008 I PURCHASED THIS PLOT IN 190000 AND SOLD FOR 700000. AMOUNT WAS PAID ONLINE .HOW THE TAX WILL BE CALCULATED. NOW THIS AMOUNT HAS BEEN DEPOSITED IN FD
     
  2. The asset you sold is long term capital assets..So you are entitle to claim indexation benefit on cost.
    This is computed as.. Sale consideration: 7,00,000.00
    Less: Cost of acquision
    (190000* current CII) ***********
    CII of 2008
    capital gain will be remaining balance.

    There are certain exemption available by investing this amount, so nothing is taxable if you invest in it.
    You deposit this in FD, it is taxable as shown above.
     
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