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Hi @TheArtOfWealthBuilding, Old LGCG tax is 20% not 12 %.(visuals are wrong) The budget 2024 reduced tax rate on long term capital gains to 12.5% from 20% and removed the benefit of indexation. A later amendment of the LTCG tax rule allowed people to choose between two options for property bought before July 23, 2024: 20% tax rate with indexation benefit or 12.5% tax rate without the indexation benefit.
Hi if I sell my Shop and buy 2 residential flats against it within 2 years from the date of sell of my Shop, than would it attract me a capital gain tax? Assume the property is long term
Mere Papa ne 2001 me 7.40 L ka new House liya tha... Ab wo expired bhi huye. Abhi 2024 me hum usse Sale kr rahe hai... 54 Lakh me to kitna Tax lagega. Or me or Mere bhai ki salary utni nhi hai ki hume koi income tax lagta hai.. meri maaa bhi house wife hai. To hame kitna Tax lagega. Kya hum saving account me paise rakh sakte hai. Bank koi tax to nahi legi.
House bought in 2003 at 25 lacs Sold in 2024 June 155 lacs Reinvested in plot of 80 lacs with construction of 20 lacs Is remaining 55 taxable? Can 50 lacs be invested in bonds ??
