Hello 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..
Menu
Capital gain. sold my house
Replies (3)
Get cost of house from Government approved valuer as on 01.04.2001!!
For example:-
Government give the value as on 01.01.2001 is Rs. 4,00,000/- please calculate it.
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.
Recent Threads
Related Threads
CAclubindia
