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To calculate the tax on your long-term capital gains:
Calculate the Indexed Cost of Acquisition by using the Cost Inflation Index (CII)
Indexed Cost of Acquisition = Cost of Acquisition × (CII for the year of sale / CII for the year of purchase)
Calculate the Long-Term Capital Gain:
Long-Term Capital Gain = Selling Price - Indexed Cost of Acquisition Long-Term Capital Gain
Apply Capital Gains Tax Rate: It is subject to a tax rate of 20%.
Calculate the Tax Payable:
Tax Payable on Long-Term Capital Gain = Long-Term Capital Gain × Tax Rate Payable on Long-Term Capital Gain
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Authors Of The Question
I purchased land in 1986, at a cost of Rs 47000. Now in 2023, I have sold that land in 7000000. What will be the tax amount to be paid on long-term capital gain?
K n dubey
125Views
1 Year
2023-09-24T19:12:14+00:00 2023-09-25T11:28:47+00:00Comment
1 Answers
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