Sir, when a property is sold over the circle rates ( guideline rates) thn with regards to LTCG without indexation, is there any difference on the rates for amounts which are upto the local guideline rates and amount above it.
2 Is there any income tax also payable over and above this LTCG, and if yes, once again, will there be any difference in rates for the amount upto the guideline rate and the amount which is above that.
Property Sale Above Circle Rates Triggers Uniform 10% LTCG Tax on Gains Exceeding Rs. 1 Lakh Without Additional Income Tax A property sale above circle rates triggers Long-Term Capital Gains (LTCG) taxation at a uniform 10% rate for gains exceeding Rs. 1 lakh. The entire sale consideration is considered for tax calculation, with no differentiation between amounts up to or above guideline rates. No additional income tax is levied beyond the standard LTCG tax, though surcharge and cess may apply based on total income. (AI Summary)
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