If the Assessee can pay the capital gain tax at a place where he normally files his/her income tax return. The PAN is valid throughout India & the place of transaction is not relevant for paying the income tax.
Thought the profit on sale of all immovable Property, the tax is payable not on sale consideration but could be on a lesser amount of profit. The tax is payable on the amount of Long Term Capital Gain.
Where Computing Long Term Capital Gain Income Tax Return?
Long term need to be calculated after deducting from the full value consideration including Sale Consideration and the Stamp Duty Valuation (Limit is Max. Rs. 70 Lacs (if Above) as below:
- Indexed cost of Acquisition and
- Indexed cost of Improvement.
And the further deductions are also available towards the expenses incurred WHOLLY & EXCLUSIVELY in connection with the transfer of immovable Property. The cost inflation index for the last 31 Years see here. The cost inflation index for the Financial Year 2012-13 has not yet been notified by the Income Tax Department. Long term capital gain is taxable @ 20% u/s 112 of the Income Tax Act-1961.
0 comments:
Post a Comment