Compute capital gain tax for sale of residential flat?

Milind before I do answer the question please let me know if you are in the possession of the copy of the registered sale deed. If yes on the registration page there will to a two figures written, which translate to a. Value as per the agreement b. Value as on which stamp duty is payable.

If you could help with that I would be grateful. Further what are the other sources of income. As it would affect the capital gains tax payable. I have already computed the tax payable by you how will like to hear from you.

Your question ?

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

Challan No.280. Further you will have to ask the SBI itself in how do they accept the cheque as every bank have there own rules. All nationalized bank including few pvt banks like axis bank, icici bank, hdfc bank have been authorized to collect the taxes. Please tick the following in challan no.280: -

INCOME-TAX (OTHER THAN COMPANIES) “0021 –

The Assessment Year would be 2008-2009

Type of payment “Self Assessment Tax”,

Can LT capital gain tax (sale of flat) be paid without indexation at 10% rate if it is less than tax computed with indexation at 20%?

Unfortunately this rule is applicable only equity shares listed where the transaction has not taken place through the stock market.

Your Index Cost is wrong ... As Per Income Tax take 64000 As Actual Cost And Calculate with Index No. of Year 1980-81 or Take Market Prise of 1980-81 And Take Index Calculation. like Rs. 64000/100*Index No. of Sale Year. And Invest the Capital Gain Amt in New House which will get Deducted from Capital Gain Value. I.e Sale Price Less: Indexed Cost of Acquisition = LTCG Less: Investment in Other House. If Any Amount is remain then invest it in NHAI Bond and Get Deduction. If Any Amt Remaining Then Pay Tax on the same .. If you have not any other income than Your Slab amount deducted from such CG. If Any Other Query then Sale Date and Other Income Details Mail me... I will Calculate the Exact and give you some other area of planning.

Indexed cost of property = 5,51,780 x 551 (for 2007-08) / 426 (2001-2002) = Rs. 7,13,687

Profit 11,50,000 - 7,13,687 = Rs. 4,36,313

Tax rate is 20%.

Forum for India Taxes: http://www.mytaxes.in/

You have received appropriate advice from other answers and be guided by the information contained therein.

Best will be to consult a CA and by payment of professional fees you will be able to completly sort out your tax liabilites and than have a peace of mind.

please contact a chartered account immediately. I would have given u the reply if you had REQUESTED for it. you are commanding people to give the capital tax gains as if u are conducting an exam. if u need some thing either request for it or pay for it ( chartered accountant )

You have the right answers. Why do`nt you contact a professional. Contact a chartered accountant.