What capital gain tax am I liable to pay if I sell my flat for profit
26-Mar-2023 (In Tax Law)
I got a flat free of cost as a Tenant which cost is Rs.65 Lacks. Now i am selling the same for Rs.1.5 Cr. What tax should i pay or if i purchase a house from same income how much tax should i pay? Pl. advice. The flat I got is in Dombivali (Mumbai) & i am going to Purchase flat in Kudal (Sindhudurg) . Also the amount on paper will be as per Govt. Rate which is around 65 Lacs. The Flat which i got as a Gift I registered in Dec 2016 & Now i am selling it in May 2017
This query seems incomplete as you say you got it as a tenant. Then you say you got it as a gift. Irrespective of the same, you will have to pay short term capital gains tax as per your income tax slab applicable unless you invest it in a new asset.
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