Tax computation on sale of property

Mohammed Vaid (Querist) 29 July 2010 This query is : Resolved
I am selling my property for Rs. 1.3 crores. For which I am planning to make agreement of Rs. 60 lacs and rest 70 lacs I am taking in cash.

01. I want to know what will be rate at which i am required to pay tax?

02. Also if i purchase a house for Rs. 65 lacs than on what amount i have to pay tax and at what rate?

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Raj Kumar Makkad (Expert) 30 July 2010
01. @30%

02. @30% on rest of the amount of Rs. 65 lac.

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