Capital gains tax for 40 years old flat.
This query is : Resolved
26 June 2010
I had purchased a flat in 1970 approximately for Rs 30,000/- total cost on loan and paid in total abount one lack. Now I want to sale this flat at about five lacks ; so how much capital gains tax I have to pay. Any solutions for reducing tax liability.
mohinder kansal
(Expert)
27 June 2010
get the valuation of flat as on 1.4.81 and calculate indexed cost of acquisition. i think capital gain shall not arise
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