How much taxs i will have to pay ?

I am going to sale my old property for 20 cores i want to know how Much income taxs deductions will be their
My father is no more i am a student 24 year male from india bangalore

3 Replies to “How much taxs i will have to pay ?”

  1. Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head ‘Capital Gains’. And shall be deemed to be the income of the previous year in which the transfer took place. Capital gain is chargeable to tax on accrual basis.

    “Long term Capital Gains” means gains or profit arising from the transfer of a capital asset held by an assesse for more than 36 months or more than 12 months as the case may be, immediately preceding the date of transfer.

    Long-Term Capital Gains Calculation

    Less the following from the full value of consideration

    Less: expenditure incurred wholly and exclusively in connection with transfer. (includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
    Less: Indexed cost of acquisition of the asset i.e (purchase price * (CII (Cost Inflation Index) of current year / CII for year of purchase), (See: Cost Inflation Index (CII)?)
    Less: Indexed cost of improvement of the asset, if any.
    Less: – Exemption if available Exemption u/s 54/54B/54D/54EA/54EB/54EC/54ED/54F/54FG

  2. My friend you have to provide all information regarding property like at what cost your father purchased that property and when.If there is any cost incurred by him on property for improvement.These all things are considered while computation for tax on sale of property is made.

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