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Home / Legal / Residential Flat purchased on 6-4-1998, paid Rs.1.04 lakhs as Stamp Duty and Registration. The flat is sold now at a price of Rs.49.5 lakhs. What is my liability towards LONG TERM CAPITAL GAINS?
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Residential Flat purchased on 6-4-1998, paid Rs.1.04 lakhs as Stamp Duty and Registration. The flat is sold now at a price of Rs.49.5 lakhs. What is my liability towards LONG TERM CAPITAL GAINS?

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0 2022-06-23T15:02:16+00:00
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Hey pal,

Let me tell you that you will not be liable to earn tax deduction under Section 80C to 80U from long-term capital gains tax in India. Since you purchased the flat in 1998 and sold it later, it will be counted under long term capital gain.  Your liability will be flat

20%

tax under long-term capital gain.The profit amount from the sale of the flat will count as taxable income.

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