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Capital Gain Tax

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(Querist)
21 August 2009 I have purchased a house property in 1980 under Staff housing loan for Rs.70000 and the building was 20 years old then. Subsequently I have renovoted constructed additional floor by spending about Rs.10 lacs in 1997. Now if the property is sold for Rs.1 crore how much capital gain tax i have to pay? How to avoid payment of capital tax. I understand that one way of avoiding CG tax is to buy new property from out of the same proceeds. If so is the new property is to be bought in my name or is it enough if I buy the same in the name of my children

Please clarify

Thanks
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
21 August 2009 Refer Sec 54
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
21 August 2009 Refer Sec.54 only for exemption and condition and refer cost of omprovement and cost of indexaxtion also. and get valuation as on 1.4.81 and claim indexation
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