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Bought land, built house (2& 1/2 ) floors, for Rs 40 lac. Occupation Cert of Oct 2006. Selling two floors for 90 lac in Jun 2010. How much will be property tax & can I save by reinvesting? I have a Co. Is it ok to invest through the Co, to save Property tax?
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You will pay income tax based on the personal income tax as this will be taken as a "regular development business income". if however you can prove that this is a one time activity then you will be subject to long term capital gain tax at a lower rate of 20%. In the later case you can save tax by re investing in NHB bonds. Investing through a company will not save you income tax. You will be able to save property tax at the time of sale as you will be required to pay share transfer charges only
B Malani, on May 3 at 9:58 am
