i bought a plot of land in 1998 for Rs.2 lakh(approx), and built a home over it in 2001 for Rs.3.65 lakh.
what amount of tax i am supposed to pay if i sell this home today for Rs. 40 lakh???
how can i calculate this?
Get valuation certificate of the house property from registered valuer as on 2001-02, based on that LTCG can be calculated.
CAclubindia
