Capital gain on sale of inherited flat
This query is : Resolved
10 January 2024
Dear Expert,
Need to understand capital gain implication on following.
We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.
Need to understand capital gain implication on following.
We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.
10 January 2024
Deduct updated indexed cost of 20 lacs to arrive at capital gains from 50 lacs.
11 January 2024
Sir, 20 Lacs which we are paid is basically construction cost of new unit. But can we get additional land deduction as for amount may have paid 50 years back by our Grandfather. If yes, How to arrive cost of acquisition for the same as we dont have any at details/amount of old property purchased.
12 January 2024
Market value of Land/old flat as on 1st April 2001 can be deducted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
