Capital Gain basis property circle rate

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Homemaker
43 Points Posted on 05 August 2023

Hello everyone, 

I purchased a property at Rs 10 lakhs a few years ago, the indexation value of the same is now Rs 30 lakhs. I intend to sell the property (basis the offer I have) at Rs 55 lakhs. The circle rate of the property is Rs 65 lakhs.

 

Will I be subject to capital Gain tax in this case ??

 

Regards

Garima

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On 05 August 2023 at 20:46 Report
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Quick Summary
This discussion explores whether capital gains tax applies when selling a property. The user purchased a property for Rs 10 lakhs, which has an indexed value of Rs 30 lakhs and is now being sold for Rs 55 lakhs. The property's circle rate is Rs 65 lakhs. Participants confirm that capital gains tax will likely apply, as the sale price exceeds the indexed cost of acquisition.

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Chartered Accountant
16188 Points Posted on 05 August 2023
Yes Capital Gains will attract
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On 05 August 2023 at 22:41
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Profession
19976 Points Posted on 06 August 2023
Any transfer of capital asset , capital gain arises depending on the tenure of holding.
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On 06 August 2023 at 07:55
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Chartered Accountant
16188 Points Posted on 06 August 2023
Yes...
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On 06 August 2023 at 09:42
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Profession
19976 Points Posted on 10 August 2023
But the rate of the house property equals fair market value or others.
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On 10 August 2023 at 12:48

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