Hello Sir, I need your advice in sale of flat, Sir, I booked one Under construction flat @ Virar In June 2004 for Rs.17,74,000 and paid Stamp duty of Rs.67,440 and the Registration charges of Rs.17,740 on that , of which I for possession in June 2014, Sir, I sold that flat in June 2023 for Rs.41,50,000/- Sir, how much I m liable to pay LTCG on that and within how much time I have to pay that tax to the Income tax Authorities, as I do not intend to invest in the new property.
Ans: For calculating tax on long term capital gain on house property, indexed cost of acquisition is required be reduced from sale considered.
Indexed cost of acquisition can be calculated with the help of income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx.
Property is booked in 2004 but payment would have done gradually till 2014. Thus, indexation benefit is available on each of the payment from each of date of payment.