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Gopalan Nair   25 October 2016

Capital gains tax and me

I am selling a commercial land purchased in 1980 at 24000 to a buyer at 45 lacs. The fair value fixed by govt. is 525000. It is a distress sale. am a senior citizen and what do I have to pay as capital gains tax or any other tax. Kindly guide me


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Rama chary Rachakonda

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     25 October 2016

If u buy an other immovable property within 3 years,no need to pay tax.
Ms.Usha Kapoor

Ms.Usha Kapoor (CEO)     26 October 2016

ALREADY IT'S A DISTRESS SALE.. NO CAPITAL GAINS TAX ON  THIS LOSS  SALE..IF IT IS  AN AGRICULTURAL LAND IT WOULD'VE BEEN FULLY EXEMPTED FROM TAX LIABILITY..If you appreciate this answer please click the thank you button on this forum..


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