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calculation of capital gain under new indexation rates
Suppose a person purchased a land in 1985 @ 8,00,000 but did not constructed or used the land for anything and neither was it revalued. he sold it in august 2017 @ 80,00,000 and as such new rates of capital gain are applicable and due to that the capital gain amounts to Rs. 58,24,000. Please suggest if the amount of taxable gain can be reduced
Replies (4)
Simply....... take cost of purchase as market value as on 1st April, 2001.
It can be either certified by registered valuer or from office of sub-registrar of registration.
that is exactly what i am doing. my question is if there is any way to reduce the gain
| Originally posted by : Deepanshu Mahajan | ||
 |
that is exactly what i am doing. my question is if there is any way to reduce the gain |  |
DO YOU MEAN TO SAY THE PRICE OF LAND DID NOT APPRECIATE DURING 1985 TO 2001?
I mean, you have indexed based on year 2001, but to the cost of purchase taken as of 1985.....
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