Long term capital Gain 20%

This query is : Resolved 
Quick Summary
This discussion concerns the calculation of Long Term Capital Gains (LTCG) tax on a property sold for Rs 49 Lakhs. The property was originally acquired by the grandfather in 1970 for Rs 5,000. The user is seeking clarification on whether to apply indexation from the original purchase date or use the 2001-02 base year market value for calculating the taxable gain.

Profile Image

Profile Image

(Querist)
21 June 2022 December 2021 one property Sold by me Rs.49 Lakhs, that Acquired my grand father in 1970 for Rs.5,000/-. My father and Grand father expired in year 2000.
My Query is
1. LTCG 20% On 49 Lakhs minus indexed 5000/- or

2. LTCG 20% on 49 Lakhs minus 2001-02 base year Market value indexation
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
21 June 2022 LTCG 20% on 49 Lakhs minus 2001-02 base year Market value indexation
Profile Image

tds files

Profile Image

tds files (Querist)
22 June 2022 Thank you very much sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Sanjay RatnaniSanjay RatnaniPro Member DHANASHRI KARMARKAR DHANASHRI KARMARKAR Pro Member Binod SinghBinod SinghPro Member Rasheed Mohd AbdulRasheed Mohd AbdulPro Member 63801770366380177036
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category




Follow