I have purchased a flat in 2014 at Rs.32,50,000/- market rate for 1300 sq feet, I'm planning to sell the flat for approximately 65,00,000/- Do I need to be paying any income tax and I still have a home loan of 33Lacs of Home loan on this flat and will need to repay the same. Thank you,
Ans: If person acquire house property in FY 2014-15 in Rs.32,50,000 and transfer it in FY 2023-24, indexed cost is likely to be Rs.47,12,500. Thus, on difference amount (65 lacs and 47.13 lacs), long term capital tax @20% will be charged. You can calculate exact tax amount through income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx