28 April 2015
I am a senior citizen with only pension income.I bought a flat in Chennai in March 1987 for Rs. 115,000. Today I propose to sell it for Rs. 29 Lakshs. According to indexation 115000/140*1024 =841143. I am planning to invest this amount in term deposits in bank and balance 2900000-841182=Rs.2058857 in capital gains bonds of Nabard/REC. I think i need not pay any capital gains tax. Am I right? Appreciate response from experts.
CAclubindia
