Tax on sale of land


#1

I purchased a land for Rs 3000/- in 1987 and sold it for Rs 187500/- in this month. What will be my tax liability ?


#2

Hi Indira,

We will need the exact date of purchase and sale to give you the accurate figures. However, form the information given by you, there might be no long term capital gains tax applicable as the actual cost of acquisition might be much lower than the sale purchase. We suggest that you check with a chartered accountant for help.

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BB Expert