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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?
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.?
Can capital gain tax be paid without indexation at 10% rate if it is less than tax computed with indexation?
1 Answer
- Anonymous1 decade agoFavourite 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