How to calculate income tax liability on sale of house property?

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date of purchase 1996. long term capital gains on house property per data given amounts rs.2,90,393. tax @20% on rs.38,078 + education cess @ 2% on rs.38,078 = rs.762. total rs.38,840/-. tax differ depending on our other income. if other income less taxable, tax decrease. if other income including income exceeds 10 lakhs, have pay surcharge @10% on entire income.

if have no other income @ have pay less tax. example, if male or huf, tax free limit rs.1 lahk. female rs.1.35 lakhs. male or female >65 years tax free limit rs.1.85 lakhs. can deduct tax free limit above income, , balance amount have pay tax @20% (plus 2% education cess on tax amount)

reddy.

located in india
booked in 1990
possession taken in 1996
total cost rs.1.90 laks
being sold rs.6 lakhs in 2006.


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