Capital gain on property sale

This query is : Open

Sunil (Querist)
Follow

19 December 2012 Respected All, My Uncle purchase a land from HUDA in Gurgaon on 21-05-1993(conv. deed ad allotment date) Of Rs. 210719 , on 26-11-1996 he has paid Rs. 26375 for registration fees. After that he has constructed 484 sq feet area on that plot and completion certificate took on 09-11-1998. he dont have the construction bills so dont know the construction value.

Now He has sold the house in nov 2012 of Rs. 1,80,00,000/-.
Now how can i calculate house construction value or what is the procedure? and what is the amount of Capital Gain, how it calculate ?
Thanks in advance to all.

Soumitra Basu

Soumitra Basu (Expert)
Follow

19 December 2012 the capital gain shall be chargeable in the hands of your uncle.

Sunil

Sunil (Querist)
Follow

21 December 2012 Pls explain how can i calculate the construction value without supporting bill ? Whether i reuire goverment valuer or any other way to calculte the same?

Soumitra Basu

Soumitra Basu (Expert)
Follow

22 December 2012 you have to engage an incometax registered valuer to ascertain the value of construction.

Sunil

Sunil (Querist)
Follow

22 December 2012 not satified answer

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

bhavesh

Srikanthan S

rana andcompany

Pranab Banerjee

Gurunathan kannan

Subscribe Now

Capital gain on property sale

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive