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Sri Lanka Equity Forum » Stock Market Talk » CAPITAL GAIN TAX

CAPITAL GAIN TAX

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1 CAPITAL GAIN TAX on Tue Mar 28, 2017 5:46 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Is capital gain tax (CGT) of 10% effective 1st of April for immovable property sold?
If so, there must be a formula for gain/loss computation. Also, certain allowable expenditure to reduce the gain to be identified.

2 Re: CAPITAL GAIN TAX on Sat Apr 01, 2017 11:46 am

hettdas

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I have a land bought at RS. 100,000/=. Now I can sell it around RS. 10 million after 30 years. Will government impose CGT to that sale ? If "yes" how much?

3 Re: CAPITAL GAIN TAX on Sat Apr 01, 2017 12:50 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Not sure how the CGT tax act is designed in SL. In some countries there is a capital gain tax allowance given for individual being a tax relief which reduces the gain taxable.

4 Re: CAPITAL GAIN TAX on Sat Apr 08, 2017 11:17 pm

EquityChamp

avatar
Moderator
It seems the new tax rules will be postponed without implementing from 1st of April. May be they will say the same thing in November budget speech as well.

5 Re: CAPITAL GAIN TAX on Sun Apr 09, 2017 9:12 am

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
@hettdas wrote:I have a land bought at RS. 100,000/=. Now I can sell it around RS. 10 million after 30 years. Will government  impose CGT to that sale ? If "yes" how much?
No.
CGT apply only if the selling day of the land is within 10 years of the day you bought the land.

6 Re: CAPITAL GAIN TAX on Sun Apr 09, 2017 6:30 pm

hettdas

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@sapumal wrote:
@hettdas wrote:I have a land bought at RS. 100,000/=. Now I can sell it around RS. 10 million after 30 years. Will government  impose CGT to that sale ? If "yes" how much?
No.
CGT apply only if the selling day of the land is within 10 years of the day you bought the land.

OK... Thanks

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