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

T S Khurana | Answer |Ask -Follow

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

Question by Rahul on Oct 28, 2024Hindi

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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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Question by Madan - Mar 09, 2025Hindi

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I am retired and queries related to capital gain tax. I have purchased a land 1250 sq ft in 2001 and thereon a residential House was constructed in 2002 -2003 and total expenses come around 28 lacs for which I gave no receipts because at that time everything was paid in cash. I have not engaged any contractor. Everything was arranged by me. I have raised a loan 6.55 lakh while other amount I borrowed from friends and relatives and family members. Later on there was an improvement for a sum of RS 1.50 lakh in 2005 for which I have taken loan. I sold this house in January 2025 for RS.1.23 crore. I shall be grateful if you can inform me my capital gain liability The sold property was in Lucknow. Thank you Madan Lal Agarwal

Ans: Dear Sir,

Based on the information shared,
the Long Term Capital Gain shall be around Rs.21,54,000 and Tax liability shall be Rs.431000 (With Indexation)
the Capital Gain shall be Rs.9350000 and Tax liability shall be Rs.1168750 (WithOUT Indexation)

It is strongly advisable to consult CA to understand tax liabilities
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Question by Raj - Mar 28, 2025Hindi

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Hi I have bought flat in 1988 @ rs 1 lac And as per cerificate property value is 5 lac in 2001 And ibam going to selll it @ 22 lac in may 2025 then what will be my tax liability on it

Ans: Your capital gain will be calculated using the Indexed Cost of Acquisition (ICOA) based on the 2001 valuation of Rs. 5 lakh. After indexation, the Long-Term Capital Gain (LTCG) will be taxed at 20% after applicable deductions. You can reduce tax by reinvesting under Section 54 (buying another property) or Section 54EC (bonds).

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Question by Raj - Mar 28, 2025Hindi

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Hi I have bought flat in 1988 @ rs 1 lac And as per cerificate property value is 5 lac in 2001 And ibam going to selll it @ 22 lac in may 2025 then what will be my tax liability on it

Ans: Your capital gain will be calculated using the Indexed Cost of Acquisition (ICOA) based on the 2001 valuation of Rs. 5 lakh. After indexation, the Long-Term Capital Gain (LTCG) will be taxed at 20% after applicable deductions. You can reduce tax by reinvesting under Section 54 (buying another property) or Section 54EC (bonds).

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