Ltcg on sale of 23 years old house

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2012 DEAR SIR
i am here with a query related to LTCG , my father purchased a land in 1988 for 48,000 inr, then constructed a house on that land in 1992 INCURRING COST OF AROUND 4-5 LACS (constructed area around 1800 square feet) then again did some construction on 1st floor in 1998 of around 400 square feet.
then he sold the house in 2011 for 17 lacs...according TO indexed value that i have calculated the indexed cost of (purchase of land + construction) is equal to sale amount i:e 17 lacs in 2011...hence he has not to pay any income tax..pls throw some light on it...also does he required to mention the LTCG in his return even if there is no taxable ammount in LTCG.

KIND REGARDS
IMRAN

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2012 1. If the sale consideration is equal to the indexed cost of acquisition, then capital gain shall be NIL.

2. You should show the transaction in your return even if there is no capital gain. otherwise it will be treated as undisclosed income.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2012 THANK U SO SO MUCH SIR FOR GIVING UR PRECIOUS TIME....

KIND REGARDS

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2012 You are welcome. You should use the thanks button to convey your thanks.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2013 Dear sir one more question...should i just submit the construction cost...or do we need to provide any sort of documents supporting the construction cost incurred..

Thanks in advance...

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