I sold my ancestral property in May 2011 for 35 Lakhs. I do not know the indexed price of the property or the purchased price as it is a very old property of my father. I want to know how do I calculate my income tax and by when i can pay the tax. And if the tax is not paid in time what is the penalty? Please note I am a house wife and do not have any other source of income. Please advice.
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Capital gain
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if the property is very old, u can take the price of the property as on 1st April'1981 and accordingly multiply it by 785 & divide it by 100 i.e.
Price as on 1st April'1981 x (785 /100) = This way will come out Indexed cost of acquisition.
Deduct this amout from Rs. 35 lacs & there will come Long term capital gains. multiply the same by 20% to calculate the tax.
For calculating price prevailing as on 1st April'1981, u can refer the state govt. development authority's website to know more about.!!
If tax is more than 10000, deposit it before 31st march'12 as advance tax. If less than that, u can deposite it till the time B4 filing return of income.
U can alternatively invest this amount in specified places and claim benifit of tax.
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