Capital gain

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Sreedhara murthy (Querist)
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05 August 2011 A senior citizen female B'lore widow has sold Residential property for 70lakhs as per registration on 30-05-2011. The site was purchased in 1973 n constructed on 1977 by her husband after the expiry of her husband the house transferred to wife name in 2004.

1)From which year we have to calculate cost of house as per index.

2)is she has to pay capital gain, she wants to purchase residential property. up to what rate she has to purchase that to avoid capital gain tax.

3)Out of 70lakh what is cost and capital gain how much she has to deposit in Capital gain account.
what documents bank require to open this.

4)what is the Rules to withdraw capital gain amount from bank. shall she has to take I T department permission to withdraw amount from this accouunt.

5)what is the formalities with I T Dept to file the same.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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05 August 2011 1. TAKE VALUE AS ON 1-4-1981 AS COST
GET A REGD VALUERS REPORT FOR THE PURPOSE
2. SHE HAS TO DEPOSIT THE AMOUNT OF CG IN BANK
2. INDEXATION WILL BE DONE FROM 1-4-1981
3. FOR DETAILS AS TO OPENING OF BANK ACCOUNT ETC. REFER TO CAPITAL GAINS ACCOUNT SCHEME 1988

CA MANOJ GUPTA
JODHPUR
09828510543

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