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Sold Land for 1.5 Crore - What's My Tax Liability?

T S Khurana

T S Khurana   |253 Answers  |Ask -

Tax Expert - Answered on Nov 12, 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
Rahul Question by Rahul on Oct 28, 2024Hindi
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Money

I purchased a residential plot of approc 8 lacs with 20 urs home finance loan and cleared it all in approx15 yrs.i sold it for approx 1.5 cr recently. What will be my tax liability as my ITR is of approx 5 lacs and my wife is non working helping me in training istitute business n files itr for last 10 yrs just for some future use if needed at all. Plz guide

Ans: 01. You tax liability cannot be worked out unless complete income & tax saving details are available.
02. If the sold property is in your name, you would be liable for tax payment & your wife is not involved in it.
Most welcome for any further clarifications. 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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