Capital gain on sale of plot
This query is : Resolved
01 January 2014
We have bought Land in year 1990 for 10 lakhs in Mumbai. Now we want to sale it for Rs 1.5 crore. Kinldy advice, How we can save tax.
CA Pallav Singhania
(Expert)
01 January 2014
It would result in long term capital gain..
You can avail exemption U/S 54F and 54EC..
for details pls go thru this..
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp
You can avail exemption U/S 54F and 54EC..
for details pls go thru this..
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp
Dhirajlal Rambhia
(Expert)
03 October 2021
Get valuation report of the plot from Government Certified Valuer, as on 01.04.2001. Take it as your COI.
Index it with the present year; base 2001 as 100. As such LTCG can be evaluated.
Index it with the present year; base 2001 as 100. As such LTCG can be evaluated.
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