PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
06 June 2017Hello Friends,
I have constructed a house in the year 1990/- Rs. 5,00,000/-
Sold the house(Possession) in the year May 2017 Rs. 26,00,000/-
Kindly calculate Income Tax for the FY 2017-18..
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 June 2017
Get cost of house from Government approved valuer as on 01.04.2001!!
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 06 June 2017
For example:-
Government give the value as on 01.01.2001 is Rs. 4,00,000/- please calculate it.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 June 2017
It is unjustifiable. The valuer would estimate it to about 11 to 12 lakhs.
The cost index ratio of 2017-18 to 2001-02 would be approximately 2.5 to 2.8
Finally the indexed cost of the house would be almost same or higher than the sell price..............means no capital gains..........no tax.
CAclubindia
