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LTCG for Sale of Built up House At Faridabad

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(Querist)
11 April 2022 Good Day Sirs,

Please advise me LTCG & tax applicable for sale of house built on 160Sqyds plot at Faridabad in Sector 16. It was purchased in Nov1987 for Rs1,17,355/- and sold in Mar2022 at 75lacs. Broker was paid brokerage of Rs75,000 by cheque. Please advise:
1.How much will be LTCG?
2. How much of Tax will be required to be paid?
B Bhushan
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 April 2022 1 Long term capital gains. Rs. 71.28 lacs.
2 20% tax payable on the above amount less 2.50 lacs basic exemption.
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Bharat Bhushan Khanduja

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Bharat Bhushan Khanduja (Querist)
11 April 2022 Don't we have to use FMV with base of 100 in 2001-2002 & circle rate.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 April 2022 Yes, you are right we can use it.
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Bharat Bhushan Khanduja

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Bharat Bhushan Khanduja (Querist)
22 April 2022 Thank you very much Sir

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