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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I have purchased a residential plot in 1982 and built ground floor and first floor during 1989 and 1995 by availing bank loan of rs.1.26 lacs and rs.2.55 lacs respectively. Again during 2008 availed rs.5.85 lacs and rs.13 lacs during 2013 for improvement to the house property. Now I find a buyer for rs.84 lacs and deal will be finalised before March 2022. Advise me how the long term capital gains tax may be avoided/pay lesser tax.
I have acquired a old house built in the year 1973 in my mothers name and could be transferred to me and my Sister in the year 2019-2020 and subsequently sold the house for 18 lacs ( with taking equal share of 9 lacs each)
Please let me know how much capital gains tax to be paid on the above sale.
Regards,
Anant Krishna
Hi
I m a housewife. Bought a flat in Dec 2005 n sold it in May 2018. I got to know that I need to pay capital gain tax on this. Pls let me know how to pay the tax n when it needs to be paid.
Thanks in advance
transfer leace in 1975 at Rs.107882
Sale value 6000000 as on today
Market Value 6000000
I had purchased villa for 27,00,000 in 2006 and now 2019 if sold for 135,00,000 then what will be capital gain tax?
And if purchase new house for 80,00,000 then how much will be capital gain tax.
Can we also use this amt to purchase commercial property too as per capital gain tax.
Hi Amit,
I have sold a 2 bhk flat in Visakhapatnam worth 20 lakh on 18 mar 2019. Purchase value was 720000/- in 9 sep 2011. Brokerage and stamp duty 128000/-. But I have constructed a residential house at Berhampur, Odisha which was completed on May 2018 by taking housing loan from bank worth 25,60,000/- and total cost of construction was 28,32,000/-.
Am I liable for capital gains tax.
I have purchased a flat for 550000 in the month of November 2002.the brokerage charges I paid 1lack for which no reception is available and I spend 1.50lacs for additional compartment in the flat for which no receipt is available 6000 paid aslumpsumamt for proportionate share of tax.soceity formation 1000.sharemoney
a application entrance fee 361 and legal charged 1000 and sold for 40lacs on 23,jan2019 sir what will be my capital gain
I had purchased a flat in 2007 for Rs. 698,404/= which I sold in 3rd Aug, 2018 for Rs. 27 lakhs. In the meantime I had booked a new flat in Nov, 2015 for Rs 19 lakhs in instalments in a different town where I want to settle after retirement. The new flat was completed and handed over to me by Sale deed dated 30th Aug, 2018, after I cleared all my dues in Aug, 2018 (Rs. 20,64,361/= including Registration amount) from the amount received after sale of old flat. My question is whether I am eligible to get the benefit of Section 54F in Capital Gains Tax as some are saying I am not eligible as I had booked the new flat more than 1 year before selling the old flat. Kindly clear this doubt. Please inform how to calculate the Capital Gains Tax.
I have 3 residential properties. If I sell one of them for long term capital gain can I invest in bonds or house. Is there any restrictions if you own more than one house.
Dear Amit,
Can you please post a artical about ESOPS and Perks.