what will be my tax if
i suddenly got 800000
to 1000000 in my bank
by chq from sale of an
old house?
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Answer / raju
There will be no taxes for sale of house Within a year of
time u need to buy another house. Other wise u can deposit
in the bank as houseloan a/c to avoid the tax this deposit
will remain there for 3 years or same in rural development
authority or in NHAI(National Highway Authoruty of
India)with in this time u have to buy other house so that
there will be no taxes. One more condition is the old house
which u sold must be after 3 years of aquisiton.
Then the investment made on residential purpose only u'll
get excemption if u bought a commercial space then u have to
pay tax.
If u fail to follow this steps then u r liable to pay the
tax as under,
LTCG 160000 Nil
160001 to 500000 (10%)
500001 to 800000 (20%)
800000 & above (30%)
STCG 15% or 20%.
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