Capital gain tax on ver old property

sumeet (elelctronic) (108 Points)

01 April 2023

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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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 01 April 2023

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.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 01 April 2023

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.

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prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 02 April 2023

Also you have to find out the value of property on 2001 from Government registered valuer or from subr ragistarer office for Indexation.

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sabyasachi mukherjee (27574 Points)
Replied 06 April 2023

Tax liability will increase due to indexation.

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