Hello... Friends,
Can you please advise on below matter?
I purchased a house in 1997 (before commencement of the project) in Rs. 10 lakhs, which have been paid by me in various installments during 1997-2003 (Say Rs. 100000 on every year ending)(Agreement for purchase is executed in 2003 after payment to developer at Rs. 10 Lakhs), and now I sold the same house in 2012 at Rs. 25 lakhs. Then what will be capital gain and tax thereon? (If i am not going for any investment under capital gain scheme as I have already STCL & LTCL to be set off.). I want to calculate tax amount and wanna know procedure to calculate it.
I also want to confirm that whether I will considered indexation form 1997 to till or I will considered it on payment basis.
Please help its very urgent.
Thanks in Advance for your suggestion.
CAclubindia
