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Capital gain tax on property sale

I had sold old bungalow in Kothrud pune & want to know capital gain tax. The details are as follows: Plot area: 2540 sft Building: 600 sft Cost of purchase: Rs.225000/- Year of construction: 1983 Year of sale: 2011 Sale price: Rs. 9500000/-

Asked by

Vilas Karambelkar (1) in category Property Taxation Queries on Jan 13 at 8:40 pm

Answers (1)

First Answer

If their is no other expenditure towards the property long term capital gain is Of Rs 7977370.

Their are exemptions in section 54 if you would have invested money from the sale of the property into some other resources as per section , also it will change if their is any expenditure done towards the improvement or the brokerages paid etc

Answered by

Ashish Katiyar, on Jan 17 at 11:31 am

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