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90-Year-Old Indian Citizen Selling Pune Flat: What's the Income Tax?

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Nov 04, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by NARENDRA on Oct 01, 2024Hindi

Money

FOR A 90-YEAR-OLD INDIAN CITIZEN, what is the current income tax on sale of a flat in Pune city purchased IN 2004 at INR 15 lakhs and sold at INR 1 Crore IN 2024, NOT INTENDING TO RE-INVEST IN A FLAT.

Ans: Hello, it is the same as it was by using the CII to calculate the tax
Do let me know your views on this on my LinkedIn profile, attaching my profile :
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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