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Capital gain and TDS on House sold

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Chandrakant Parmar

35 Points Posted on 10 March 2022

sir , My uncle (76 Year old,)sold house to his daughter in Rs. 52 Lacs my uncle's purchase this House in ,F.Y .1991 in Rs.2 Lacs please give details of capital gains computation Formula and purchaser May deduct of TDS on house value?

Replies (2)

Jeevarethinam S

10 Points Posted on 11 March 2022

Sir,

Please approach the tax consultant, they will prepare LTGT workings with Cost Index Method. You need to provide Purchase value, Additional Cost Incurred for building, Sales Commission paid through bank, Any stamp duty expenses. So that the Long Term Capital Tax can be computed.

CA Naveen Chand

Chartered Accountant

12739 Points Posted on 11 March 2022

CII
2021-22	317.00
2001-02	100.00

Computation of Capital Gains
Sales Value		52,00,000
Less - Transfer Expenses		-
Net Sale Consideration		52,00,000
Less - Indexed COA	6,34,000
Less - Indexed COA	-	6,34,000
LTCG		45,66,000

Assumptions -
1. Cost of purchase is higher than FMV as on 01-04-2001
2. Property is sold out in 2021-22 F.Y

Note -
If FMV as on 01-04-2001 is higher than Cost of purchase then FMV shall be considered