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income tax

Querist : Anonymous (Querist) 09 September 2010 This query is : Resolved 
My father is a pensioner. He wants to sell off his property and buy a small flat. Please tell me what will be the percentage of income and other taxes charged.
adv. rajeev ( rajoo ) (Expert) 09 September 2010
Upto 36 months he will get the tax exemption. Any property sold it amounts to capital gain. To avoid the tax seller has to invest in the capital gain schemes or to purchased the immoveable property within 3 years.
A V Vishal (Expert) 09 September 2010
Your query is incomplete regarding the purchase price and year of purchase and the sale consideration to be received, further your query is silent on the amount to be invested in the new home. If the sale is a LTCG then you will be taxed @ 20.6% of the net consideration subject to certain conditions.
soumitra basu (Expert) 09 September 2010
Please clear the query
s.subramanian (Expert) 09 September 2010
I agree with Mr.Vishal.
B.R. BHALLA, ADVOCATE (Expert) 13 September 2010
The query is vague and incomplete. The querist has not stated as what kind of property his father wants to sell - whether moveable or immoveable. However, if his father buys a flat, then LTCG on any asset - whether moveable or immoveable would be exempt if the entire capital gain is invested in the purchase of new property.


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