Sale of property
This query is : Resolved
CA BINIT SHAH
(Querist)
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?
CA R SEETHARAMAN
(Expert)
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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