Long term capital gain tax on property
This query is : Resolved
23 July 2013
Dear Friends,
Query-
I have purchased a land in 1979 for Rs 150000 and constructed a House in 1989 with the cost of Rs 23 lakhs. I have done renovation in 1999 for Rs.500000 and sold my house in Mar 2013 for 56 lakhs.
Please guide me with LTCG calculation...How do I consider Land value and constructed property in overall calculation.
Regards
Garvit
Query-
I have purchased a land in 1979 for Rs 150000 and constructed a House in 1989 with the cost of Rs 23 lakhs. I have done renovation in 1999 for Rs.500000 and sold my house in Mar 2013 for 56 lakhs.
Please guide me with LTCG calculation...How do I consider Land value and constructed property in overall calculation.
Regards
Garvit
23 July 2013
take index value of land, construction and renovation and then deduct from sale price and calculate long term capital
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