Ltcg tax

This query is : Resolved

Mohith Guptha (Querist)
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30 May 2018 Sir we have purchased a 100 SQ yards property some 30 years back and as on 01.08.2001 the value of that property is RS 1000 per SQ Yard as per municipal valuation and as on today the value of that property is RS 12000 per SQ Yard as per municipal valuation, we got an offer price of RS 3000000 for the said property, we have done some renovation on the said house during 1996 and 2003 for approxmiately Rs. 350000/-, but we dont have any bills now for the improvements of the property, if we sell the same for 3000000 rupees how much will be our tax liability towards the sale of said property. Kindly let us know the same in detail. Thanks in advance. Regards

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RONAK DARJI

RONAK DARJI (Expert)
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31 May 2018 Mohitji,

I per your query ,as far as capital gain concerns,long term capital gain is taxable @ flat 20%, while calculating such gain, all you need to have documents like sale deed , purchase deed, cost of imporovement.

If in any case, you dont have evidence about cost of improvement, you can take help of registered valuer who will provide you a Correct valuation.

For Calculation I need Further details ,

Date of Purchase
Cost of Purchase
Amount of Cost of Improvements
Date if Sale
Exact Amount of Sale

Regards,
Ronak Darji
ronak.jdarji@gmail.com

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 September 2021 Get the valuation report from any Registered Valuer, as on 01.04.2001 for the property as a whole, based on which you can easily calculate LTCG. For expenditure carried out in 2003, you need to have some concrete justification.

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