Capital gain on property sale
This query is : Open
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.
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
(Expert)
19 December 2012
the capital gain shall be chargeable in the hands of your uncle.
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
(Expert)
22 December 2012
you have to engage an incometax registered valuer to ascertain the value of construction.
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