11 January 2014
My mother sold a property in Feb 12. Circle rate was 57 lakh. Registry done for 36 lakh. This property was gifted to her by I laws. How the tax will be calculated?.she has not filed return for past few years. Is it a trouble ?? Pls advise
13 January 2014
Although some more details are required in your case, you may take help of this general answer.
Deduct indexed cost of acquisition and improvement from the sale amount and pay the tax on the same unless you opt for the benefits available under capital gain provisions.
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