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Capital gains tax for 40 years old flat.

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26 June 2010 I had purchased a flat in 1970 approximately for Rs 30,000/- total cost on loan and paid in total abount one lack. Now I want to sale this flat at about five lacks ; so how much capital gains tax I have to pay. Any solutions for reducing tax liability.

27 June 2010 get the valuation of flat as on 1.4.81 and calculate indexed cost of acquisition. i think capital gain shall not arise



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