do we have to pay capital gain tax on sale of very old held property since 1987.
is very old house sale is exempted from capital gain tax.
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Capital gain tax on ver old property
Replies (4)
You have to pay capital gain tax of house, howsoever old, when you get any capital gains by its sell..
The tax liability gets reduced due to indexation; in your case based on April 2001 cost.
You have to pay capital gain tax of house, howsoever old, when you get capital gains by its sell.
The tax liability gets reduced due to indexation; in your case based on April 2001 cost.
Also you have to find out the value of property on 2001 from Government registered valuer or from subr ragistarer office for Indexation.
Tax liability will increase due to indexation.
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