House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 i want to know about property sale
a client has a property from his father
his father is dead then he was sale the property in 25 lac rupees
his father purchase the property in 1986
client sale the property in 25 lac & expenses of property sale is 2.5 lac (stamp duty & registration)
please tell me how will i show this entry in income tax return
25 lac rupees is taxable

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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29 March 2012 TAKE THE COST OF ACQUISITION OF THE PREVIOUS OWNER IN 1986.

SALE CONSIDERATION XXX
LESS: EXPS,. ON TRF XX
LESS: INDEXED COST OF
ACQ. XX

LONG TERM CAP GAIN XXX