rate of depreciation for house constructed in year 2001
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 February 2011
I have constructed a house in the year 2001
in tamil nadu/India and residing there since then.
Now I am planning to sell this house.
I have a few queries :
1)what is the rate of depreciation?
2)how many years it is applicable?
3)what is the capital gains tax applicable if i sell this house?
4)can I avoid the capital gains tax , if I invest in another property?
Please help me to take a quick decision.
Thanks & Regards
in tamil nadu/India and residing there since then.
Now I am planning to sell this house.
I have a few queries :
1)what is the rate of depreciation?
2)how many years it is applicable?
3)what is the capital gains tax applicable if i sell this house?
4)can I avoid the capital gains tax , if I invest in another property?
Please help me to take a quick decision.
Thanks & Regards
CA.Amit Revankar
(Expert)
01 February 2011
1) If I m not wrong it is 10 per, but it is irrelevant of income tax purpose. I mean there is no income tax benefit on same. 2) irrelevant. 3) yes there may or not income tax liabilty based on computation, as there is limited information to comment on same. 4) yes, can be avoided.
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