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

Vivek Lala | Answer |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
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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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