Capital gain on sale of residential house

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2013 I purchased a house 10 years back for 10Lacs. After 4 years of purchase I constructed balance area & 1st floor & furnished it. Except for purchase of house, I dont have any papers / bills. I want to sell the same. How CG will be calculated & how I will satisfy ITax Deptt regarding cost of construction/improvement ? Kindly advice plz.

CA Rakesh Goenka

CA Rakesh Goenka (Expert)
Follow

28 January 2013 Ok 1st thing it will be chargeable as long term capital gain
Listen you will get Deduction of Index cost Of Acquisition for 10 year ok.. n Yeah you can also claim Index cost of Improvement for 6 year , if you don,t have paper no problem in that just Calculate Your self cost of Improvement property .. and paid Tax accordingly @ 20 %