Capital gain on property sold in 2017
This query is : Resolved
balakrishna rao
(Querist)
01 April 2018
Hello,
My father sold property for 2000000 in 2017 and it was purchased in 1996 for 260000 so how capital gain taxes will be calculated as the year is changed from 1981 to 2001 and how to get the property evaluated. What is the approx. Capital gain
My father sold property for 2000000 in 2017 and it was purchased in 1996 for 260000 so how capital gain taxes will be calculated as the year is changed from 1981 to 2001 and how to get the property evaluated. What is the approx. Capital gain
K Srinivas, CMA CS
(Expert)
01 April 2018
Since the base year has been changed to 2001 , you need to find the fair market value of the property. You may engage a certified valuer to assess the fair market value of the property(as on 2001).
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