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..
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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.
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