We have compiled an Excel based Capital gains calculator for Property based on new 2001 series CII (Cost Inflation Index). It calculates both Long Term and Short Term capital gains and associated taxes. You need to feed your property sale & purchase date along with values. There is option to include cost of repairs/improvement that you might have incurred during the holding period.
Before you start using the calculator here are some things you must know:
If the property is sold after 2 years (changed in Budget 2017 and applicable from April 1, 2017) of purchase the corresponding gains or losses is called LONG Term Capital Gains (or Loss). If sold within 2 years its SHORT Term Capital gains (or loss).
Long Term capital gains from property is taxed at flat rate of 20% after taking indexation in account. There is education cess of 3% effectively taking tax to 20.6%. After April 1, 2018 the cess would increase to 4% taking the effective tax to 20.8%.
Short Term Capital Gains from property is added to income and taxed at your income tax slab rates.
Do you know how much tax you need to pay for the year? Have you taken benefit of all tax saving rules and investments? Should you use the “NEW” tax regime or continue with the old one? In case you have all these questions just Download the Free Excel Income Tax Calculator for FY 2021-22 (AY 2022-23) and get your answers.
For long term capital gains all the deductions are indexed using CII (Cost Inflation Index) published annually by Government of India.
As you can see with the above income tax calculation, salary components and salary structure plays a very important role in how much income tax you pay. We have come up with some optimised salary structure using which you pay NO income tax even with CTC of more than Rs 20 Lakhs.
Small saving scheme sponsored by Government of India like Sukanya Samriddhi Account, PPF, Senior Citizens’ Savings Scheme are quite popular and rightly so because of the safety, higher interest rate offered among other things. We have built calculator for each of them where you can check the maturity amount, loan eligibility, partial withdrawal and more. Click on the links to get the relevant calculator
Sukanya Samriddhi Yojana Calculator
Senior Citizens’ Savings Scheme Calculator
Post Office Fixed Deposit (Time Deposit) Calculator
Download the excel based Capital gains calculator for Property from the link below:
There are two ways you can save Long Term Capital Gains from sale of property.
Long Term Capital Gains Tax on Property can severely dent your returns especially if the property sale is happening after many year or if you have seen a huge return in a very short period of time. The good news is you can save the long term capital gains tax on property – click to read the detailed post on the same.
In case you are not able to invest full capital gains as above, you will get tax exemption only on invested amount. The remaining amount would be taxed as per rules. The sale proceeds should be deposited in Capital Gains Account scheme with banks if the gains have not been utilised for buying property or bonds before filing income tax returns.
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View Comments
in short wile i am sealing my flat ( purchased by me in 1999 @ 295000 ) to one gentlemen @ 1460000 kindly let me know how i can avoid capital gain tax by saving schemes.
I have purchased a old house for 2Crore. I have paid fully with my saving and retirement benefits.
Later after 6 months I sold my 30x40 site for 75 Lakh. And I sold my flat for 50Lakh
Captital gain from these property can be adjusted with the purchased of house which happed 6 months earlier.
Yes you can take benefit of capital gains on sale of flat & plot on purchase of one new flat.
Dear Sir
I notice from your website that the XL sheet for Capital Gain calculation is based on the base year of 1981. I shall appreciate if you can mail me OR mail me the link where I can get the XL sheet with the new base year of 2001.
Thank you.
Coming up in next few days
Sir I am going to purchase a plot in Noida . Which circle rate is 72000 / meter and deal value is 55000/ meter. I am salaried person my salary is 51 lac. Plz calculate how much tax I have to paid tax according this capital gain . By buyer
I want to sell my house bought in Aug 1991 now at a price of Rs.80 lacs what capital gain tax I have to pay now I bought for Rs.2.50lacs at that time pl reply me
simply one of the best sites for taxation matter
Thanks :)