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Tax on sale of property purchased in 1981 in mumbai.

This query is : Resolved 
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(Querist)
10 May 2012 I have a shop purchased in 1981 for Rs:38000:00 in Mumbai.
I have not paid stamp duty on it.
It is not registered.
I want to sell it for Rs:5000000:00
What are the differrent taxes to be paid to government?
How to avoid paying tax?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
13 May 2012 Dear Mr. Parekh,

First of all, For sake of your knowledge, Tax avoidance is illegal and not permitted by law.
Tax planning & Management, if done within the four corners of law, is permissible.

Capital gain shall arise in your case but you can get the benefit of indexation. Further, exemption u/s 54EC and 54F can be taken if you invest some money out of such sale proceeds.
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