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Long term capital gain

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(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.
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Bhaskaran Chackrapani Warrier

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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.
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daya shankar singh

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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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