Long term capital gain

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This query is : Resolved

rajib bhattacharjee (Querist)

23 March 2012 MY HOUSE WAS MORE THAN 70 YEARS I DONT' NO THE VALUATION OF MY HOUSE NOW i.e SEPT'2011 SOLD MY HOUSE RS.30,00,000/- HOW CAN I PAY TAX.AND HOW CAN I SAVE MY TAX.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

23 March 2012 Cost as on 1/4/1981 has to be known. For that ,in your case, a valuation report has to be taken from an approved valuer. Then please meet a tax adviser in your home town with the sale deed and the said valuation report so that he will advise you the tax saving measures.

daya shankar singh

daya shankar singh (Expert)

23 March 2012 You just apply the cost of inflation index of 1981-82 and 2011-12 on the fair market value of building on 01/04/1981 and deduct the determined value from sale price,then the resultant value will be LTCG/LTCL.

You apply the applicable rate of 20% on CG income and paid accordingly

You can save your CG tax by following the section 54, 54EC

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