Propterty Tax

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This discussion focuses on calculating capital gains tax for a property in Lakdikapul, Hyderabad. The owner purchased the property in 1999 for Rs. 2,60,000 and plans to sell it for Rs. 22,00,000. Key to the calculation is determining the Fair Market Value (FMV) as of April 1st, 2001, and applying indexation to the cost. The user has obtained a valuation certificate showing Rs. 1000 per SFT as of July 1999, leading to a cost of Rs. 12,40,000, and is seeking clarification on the final capital gains tax liability.

123456

123456 (Querist)

30 June 2020 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,

c.bakshi

c.bakshi (Expert)

01 July 2020 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

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123456

123456 (Querist)

02 July 2020 please let me know how to calculate fmv. can you help me out . property is at lakdikapul express Apartments

c.bakshi

c.bakshi (Expert)

03 July 2020 you can take valuation certificate from local valuation officer or you can take such valuation from local municipality

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123456

123456 (Querist)

03 July 2020 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

c.bakshi

c.bakshi (Expert)

04 July 2020 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

123456

123456 (Querist)

10 July 2020 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

123456

123456 (Querist)

28 July 2020 Sir please reply to my previous query regarding amount of capital gain tax

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