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HMT
Lv 7
HMT asked in Business & FinanceTaxesIndia · 1 decade ago

Compute capital gain tax for sale of residential flat?

Purchase price Rs. 5,51,780/- date August 2002.

Selling price Rs. 11,50,000/- date February 2008.

Also how do I make the tax payment to the income tax department?

Update:

Purchase price Rs. 5,51,780/- date August 2002.

Selling price Rs. 11,50,000/- date February 2008.

Also how do I make the tax payment to the income tax department if I want to deposit the amount in SBI by filling a challan? What will be the challan no.?

Update 2:

Can capital gain tax be paid without indexation at 10% rate if it is less than tax computed with indexation?

1 Answer

Relevance
  • Anonymous
    1 decade ago
    Favourite answer

    Use the normal procedure of filing your reurns through a CA.

    Cost inflation index = 551 / 447 = 1.232

    Gains = 1150000 - (551780*10232) = 4,69,842

    Tax is 20% = 93968

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