Question on "Tax on other than Salary"
Hi, I'm from Chennai and would like to clarify my question. I'm working in an Information Technology company and Salaried.
I'm being deducted Tax for my Income of Rs. 6,00,000 (Yearly Income after deduction under 80CC etc...).
Now I want to sell my House for Rs. 25,00,000. I would like to understand, what would be the tax liability for Rs. 25,00,000 and would like to understand detailed calculation... Thanks
If you hold the property for more than 3 years, you shall calculate LTCG using the Free LTCG Calculator
For calculating your Capital Gains, we need additional details like, cost of acquisition, cost of improvement, etc. So you can try the calculator given above.
For paying your advance tax, after calculating your total tax liability you shall deduct the Salary TDS paid.
More on Advance tax calculation: http://www.accounting-n-taxation.com/Advance-Tax.html