Tag: Long Term Capital Gain
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How to Pay TDS on sale of Immovable property
TDS is applicable on sale of immovable property as per Finance Bill of 2013. Where the sale consideration of property is equal or exceeds to Rs. 50,00,000. According to Sec 194 IA, the Income Tax Act, 1961 TDS is applicable from from June 1, 2013 for sale of property exceeding Rs 50 lacs. At the time of making payment […]
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Cost Inflation index for year 2014-2015 is 1024
The Central Board of Direct Taxes (CBDT) has specified a value for the cost inflation index (CII) for 2014-15. A cost inflation index helps reduce the inflationary gains, thereby reducing the long-term capital gains tax payout for a taxpayer. Last year, the index was ‘939’, and this year it is ‘1024’. This would mean that […]