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Propterty Tax

This query is : Resolved 

Sir
I have a property at Lakdikapul Hyderabad. I want to know how much capital gain tax is applicable on this property. these are the details. kindly update me

Date of Purchase 22nd November, 1999
purchase price: Rs.2,60,000
sale price : 22,00,000
planning to sell in a week.
Thank you,


calculate fmv as on 1.4.2001 and apply indexation on the property
fmv*301/100= cost of property
sale-cost of property is the profit and liable to capital gain

please let me know how to calculate fmv. can you help me out . property is at lakdikapul express Apartments

you can take valuation certificate from local valuation officer or you can take such valuation from local municipality

Sir, i got the valuation certificate.. as per that, present Government value it is Rs.21,08,000.
now can please calculate and let me know..the capital gain and Tax..Thank so much for your help

WHAT IS THE VALUE AS ON 1.04.2001?
AS YOU HOLD THE ASSET FOR MORE THAN A PERIOD 36 MONTHS, I SUGGEST YOU TO TAKE VALUATION CERTIFICATE AS ON 1.4.2001 AND THEN I WILL CLEARLY TELL YOU THE AMOUNT OF CAPITAL GAIN TAX LIABILITY

sir, i got the valuation certificate as on 24th July 1999. its Rs.1000 per SFT . so the cost will be Rs.12,40,000
basing on this can you plz let me know the amount of capital gain tax liability. Thanks

Sir please reply to my previous query regarding amount of capital gain tax


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