Tax on Propety sales
This query is : Resolved
Somashekhara
(Querist)
02 February 2009
I want know about the Tax calculation for the sale of house propety
Property bought for Rs.100000 in 1981
Property sold for Rs.2100000 in 2009
Property bought for Rs.100000 in 1981
Property sold for Rs.2100000 in 2009
CA. B.SRINIVASULU
(Expert)
02 February 2009
First check any expenses has been incurred for making sales like advt. commison etc.
Deduct same from sale proceeds it is called as net realised sales value.
Since the proper is purchased in 1981 you have to calculate the fair market value as on 1984 and calculated indexed cost as on 2009.
Deduct the indexed cost from net sale proceeds.
Balance is capital gain.
Deduct same from sale proceeds it is called as net realised sales value.
Since the proper is purchased in 1981 you have to calculate the fair market value as on 1984 and calculated indexed cost as on 2009.
Deduct the indexed cost from net sale proceeds.
Balance is capital gain.
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