After seeing this forum and replies by experts I decided to post my question here... let me give little back ground here. I lived past 8 yrs out of country and I moved back to India few months back. I bought a duplex house in 2008 for 40 lacs including registration and I'm planning to sell it now. Current market price is 50 lacs. And I want to convert this amount into FD/MIS so that I can use of Interest money for monthly maintenance. I'm not doing any job now. here are my questions..
1) how much tax do I have to pay on 50 lacs.
2) Is there any IT problems having that much amount in FD?
Kindly inform the exact date of registration of the house to compute the period of holding. Note that in order to qualify as a Long term capital asset, the period of holding must be more than 36 months.
Thank you Vishal .. not sure how you calculated this amount. I for got to mention that I took loan on 30 lacs and I almost paid 27 lacs... remaining 3 lacs. So what i can understand from your replies is .. I'm safe to sell this property and put them as FD's is that right?