23 March 2012
MY HOUSE WAS MORE THAN 70 YEARS I DONT' NO THE VALUATION OF MY HOUSE NOW i.e SEPT'2011 SOLD MY HOUSE RS.30,00,000/- HOW CAN I PAY TAX.AND HOW CAN I SAVE MY TAX.
23 March 2012
Cost as on 1/4/1981 has to be known. For that ,in your case, a valuation report has to be taken from an approved valuer. Then please meet a tax adviser in your home town with the sale deed and the said valuation report so that he will advise you the tax saving measures.
23 March 2012
You just apply the cost of inflation index of 1981-82 and 2011-12 on the fair market value of building on 01/04/1981 and deduct the determined value from sale price,then the resultant value will be LTCG/LTCL.
You apply the applicable rate of 20% on CG income and paid accordingly
You can save your CG tax by following the section 54, 54EC
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