01 February 2011
I have constructed a house in the year 2001 in tamil nadu/India and residing there since then. Now I am planning to sell this house. I have a few queries : 1)what is the rate of depreciation? 2)how many years it is applicable? 3)what is the capital gains tax applicable if i sell this house? 4)can I avoid the capital gains tax , if I invest in another property?
01 February 2011
1) If I m not wrong it is 10 per, but it is irrelevant of income tax purpose. I mean there is no income tax benefit on same. 2) irrelevant. 3) yes there may or not income tax liabilty based on computation, as there is limited information to comment on same. 4) yes, can be avoided.
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