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Capital gain and TDS on House sold
sir , My uncle (76 Year old,)sold house to his daughter in Rs. 52 Lacs my uncle's purchase this House in ,F.Y .1991 in Rs.2 Lacs please give details of capital gains computation Formula and purchaser May deduct of TDS on house value?
Replies (2)
Quick Summary
Sir,
Please approach the tax consultant, they will prepare LTGT workings with Cost Index Method. You need to provide Purchase value, Additional Cost Incurred for building, Sales Commission paid through bank, Any stamp duty expenses. So that the Long Term Capital Tax can be computed.
| CII | ||
| 2021-22 | 317.00 | |
| 2001-02 | 100.00 | |
| Computation of Capital Gains | ||
| Sales Value | 52,00,000 | |
| Less - Transfer Expenses | - | |
| Net Sale Consideration | 52,00,000 | |
| Less - Indexed COA | 6,34,000 | |
| Less - Indexed COA | - | 6,34,000 |
| LTCG | 45,66,000 | |
| Assumptions - | ||
| 1. Cost of purchase is higher than FMV as on 01-04-2001 | ||
| 2. Property is sold out in 2021-22 F.Y | ||
| Note - | ||
| If FMV as on 01-04-2001 is higher than Cost of purchase then FMV shall be considered | ||
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