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.