ltcg on sale of residential plot

335 views 7 replies

S.SAMBATHU

RETIRED

98 Points Joined July 2018

I purchased a plot forts.22000/- during 1987
Now I am selling the Sam for rs.6200000/-.I have to calculate cii for arriving,actual capital gain.In the budjet govt has annownced the base year for cii as 2001=100.I am now in a confution how to arrive cii value for the property purchased in 1987.State govt has already annownced the guideline value in their website from 2002 onwards.Accoring to this my land value as on 2002 is rs.589000/-.Can treat it as fair price index as the base value as on 2001and calculate cii value as this date.I want to have your clarification/advice.

Replies (7)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210815 Points Joined July 2016

CII for 2002 is 105, so how can you take it as 100 !!!

Get valuation report from approved valuer as on 01.04.2001.

S.SAMBATHU

RETIRED

98 Points Joined July 2018

can we take 2002=105=589000/-.This is authentic value declared by govt of Tamil Nadu.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210815 Points Joined July 2016

Though legally not correct, but value will be same...

Z

Tax Consultation (US and India)

2970 Points Joined September 2011

Dhirajlal Rambhia Sir's advise is correct & I fully endorse both of his replies, but there is one more option.

You may ask the registrar/sub-registrar of that area where your land was situated to provide you the details of the transactions which occurred on or around 01/04/2001, and from there you may calculate WEIGHTED AVERAGE price.

For e.g. if 2 transactions took place

1 @ Rs.10,00,000 @ say x acres

2 @ Rs. 30,00,000 @ say y acres

Then weighted average price per acre would be (10,00,000+30,00,000)/ (x+y) acres.

Now apply this weighted average price to your area (per acre) and compute its value as on 01/04/2001.