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Is there a way to avoid paying tax on capital gains?- Property Hotline
Posted
December 8, 2016
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38
December 8, 2016
38
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2:38Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: I sold a land after owning it for 11 years. Is there a way to avoid paying tax on capital gains?
Answer: You will have to compute your capital gains. To do so take the index of the year when you purchased the flat divide it with the cost you get after multiplying this year’s index which is Rs 1,125 with the original cost; by this you will get you index cost. You cannot avoid paying tax but you can reduce the tax rate. Assume you are selling your flat for Rs 10 lakh. Your original cost was Rs 1 lakh and take index cost Rs 3 lakh. After deducting the index cost i.e. Rs 3 lakhs from the selling rate Rs 10 lakh then Rs 7 lakhs will be your amount on which you will pay your long term capital gains.
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