Sale of property
This query is : Resolved
13 August 2017
Dear Friends,I have certain questions regarding a sale of propertyMy fathers has a property in Mumbai which is on a Pagdi system. We are using this property since 15 years and were paying a rent of Rs 100 per month. The building has gone for redevlopment but we are still are paying the rent of Rs 100 per month to the builder.Now I want to sell the flat and I am receiving around 50 Lacs for the property.My question here is that what is the incometax liability in such case?
13 August 2017
Reduce indexed cost of pagadi paid 15 years ago from sale value and pay 20% long term capital gain tax.
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