Tax on resale of property

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  1. Prasad Deshpande

    Prasad Deshpande New Member

    Dear Sir
    I am having a flat & got possession in 2012 & now it has completed 3 years, now it falls under long term gain.
    I have brought this flat for 18.5 lakhs & now selling it at 25.5 lakhs so what will be the calculation for tax on this transaction need help on this.
    Prasad
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As you have held the property for more than 3 years - therefore, it qualifies to be considered as a Long Term Capital Asset.

    To compute the capital gains, please share the exact date of purchase and date of sale.
     
  3. Prasad Deshpande

    Prasad Deshpande New Member

    Thank you sir will update you tomorrow since I dont have the exact details of date of purchase with me
     
  4. Prasad Deshpande

    Prasad Deshpande New Member

    Sir I have purchased the flat in Oct 10 & sold it in March 15
     
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