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T S Khurana |388 Answers |Ask -Follow

Tax Expert - Answered on Aug 02, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Satish on Jul 03, 2024Hindi

Money

I bought a 2BHK apartment during August 1998 for Rs. 5.75 lakhs and sold it now for Rs. 55 lakhs along with furniture, furnishings, lighting, fans, AC, washing machine, refrigerator, microwave oven, and geyser. How much capital gains tax is liable to be paid?

Ans: - Sale price of apartment is Rs.55.00 lakhs in July-2024.
- Cost Price is Rs.5.75 lakhs, in 1998.
- You can add Cost of Renovation of apartment during this period.
- You can also add depreciated cost of its furnishing (AC, Washing machine, Refrigerator, Microwave oven & Geyser) etc.
- Under Tax proposals of Budget-2024, Net Capital Gain (which cannot be calculated in absence of above info) shall be taxed @ 12.50%.
You are most welcome for any further clarifications. Thanks.

Asked on - Aug 02, 2024 | Answered on Aug 06, 2024

What about indexation which is permissible on property purchased prior to the year 2001?

Ans: FM has been quoted to have said that property purchased before 01.04.2001, shall continue to enjoy benefits of indexation. Official details are still awaited. I feel where benefit of indexation would be available, in that case LTCG may be taxed @ 20%. Kindly wait for the official clarification in this regard.
Thanks.

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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