I hv sold a residential plot for Rs.25 lacs which was purchased for Rs.1 lac 10 years back.?

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lolzzzzzzzzzzzzzzzzzzzz.....

first , foremost these guys answering ur query dint read n understand ur question. secondly have either half or no knowledge @ all. guess these guys r income tax bureau or babus govt. dept. :d

capital gain tax implied on profit towards sale of property on or before completion of 3 years.

eg. availed bank loan buy residential apartment rs. 15 lacs in 2005. stamp duty n registry actual amount i.e. rs. 15 lacs. if sold property in 2006 / 2007 / 2008 above 15lacs (the cost, stamp duty, registration) .... amount taxable 20%. after 3 years, if sell 50 lacs , agreement mentions 30lacs, dont have pay taxes towards capital gain. (excluding routine yearly returns). headache hide / utilize / mix balance 20lacs (50-30) commonly known black money in india. again, people move wind , not against it.

when go property save ur money on stamp duty n registration. wherein buy property rs. 10 (eg only) make agreement on rs. 7. balance rs. 3 again paid in black. evading major portion of tax government.

morally wrong. keeping in mind hard earned money, no 1 wants pay such huge amounts in taxes administration.

hope helps.

now sale agreement made rs.15 lacs. want invest proceeds in purchase of plot/plots. reinvestment in purchase of plot/s exempted capital gain tax..


Business & Finance Taxes India Next



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