Purchase plot in May 2016 (befor july 1st 2016) for 80 lacs and sold in Jan 2017 for 120 lacs
paid adv tax 236 80k
how much CGT i Have to pay ?
will tax paid 236c adjust able in case of falt rate of 5% as plot purchased before 1 jluy?
Dear Hasan,
Yes , 5 % of your gain should be paid as tax if you have declared it. Yes Advance tax is adjustable.
Jazak Allah
Dear Hasan,
your advance tax would be adjustable to your CGT declaration which would be 5% of the net gains on the property declaring your profits and initial investment white.
regards,
Umer
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