Tax on Selling shop, Income Tax

[subhash g]

Hi,

I have sold one shop in current financial year for around 40 lacks at govt rate which was bought at around 5 lacks 7-9 years back.

So how much i have to pay tax for this and how can use that money efficiently and can that money be used in building or other expenses.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

You have to pay income tax on capital gains considering the index for capital gains. It is advised a tax consultant may be consulted in this regard.