Discussion Board

Selling? You may need to pay tax


Total 3 messages Pages | 1
Krishnan
Capital Gains on Property
by Krishnan on Aug 29, 2006 02:27 PM

Hi. I was willed property after my father expired. My family members decided that the property should be sold and I also agreed. This was purchased by my father in 1996 for Rs.12 lacs. It was sold after transfer in my name for Rs.42 lacs. Could you pls. advice if I can avail indexation on this property. I am based in Delhi, while the property was in Chennai
Thank you

    Forward  |  Report abuse
Ashish J Jain
Clarification
by Ashish J Jain on Aug 29, 2006 01:40 PM

I guess LTCG Tax on any capital asset other than equity is 20%.

For Equity Transactions upto 30 September 2004, LTCG Tax is 20% with Indexation of Cost or 10% without indexation i.e. on Book Profit

Regards
Ashish J Jain

    Forward  |  Report abuse
v.v.s.j.rao
capital gains on property inherited and sold
by v.v.s.j.rao on Aug 29, 2006 10:58 AM

Dear sirs,
How does one calculate capital gains on a property received as an inheritance and is sold subsequently.

    Forward  |  Report abuse
Total 3 messages Pages: | 1
Write a message