Tax on Selling shop

[Guest]

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.

AI Summary

Understand Tax on Selling Shop: Calculate Capital Gains Using Index, Seek Professional Advice for Accurate Tax Implications. A user inquired about the tax implications of selling a shop for approximately 40 lakhs, which was originally purchased for about 5 lakhs 7-9 years ago. They sought advice on the tax amount due and potential uses for the proceeds, such as building or other expenses. The response advised that income tax on capital gains should be calculated using the index for capital gains, and recommended consulting a tax professional for detailed guidance.