Hello,
I have got a property through Will of my Uncle. Now am planning to sell one portion of that property. I need to know how can i get tax exemption on that ammount i will be getting after selling the property.
I have to got to know that if i will gift that ammount to my relative (Mother) than i can get exemption, please confirm if its valid?
Another query, For example if am selling the property at 20 lakhs, then below calculation will apply for capital gain.
Purchase Price of property- ? (Not clear as am selling just a portion of property)
Current price of property after indexation- (How to calculate indexation)
Selling price: 20 Lakh
Capital Tax gain= Selling price - Current price of property after indexation
So how i can get exemption of tax on Capital tax gain ammount. Please tell me how to calculate the ammount marked in red.
CAclubindia
