Purchased house in 2001-02 rate 2,04,000 + registration Fees Rs 14000
Expansion and addition to old house in 2003-04 5,00,000 ( five laks )
Total Acquisition cost Rs 7,18,000
proposed sale cost is December 2022 Rs 62,00,000
How much Capital Gain Tax will be applicable? and what document will be required for expansion and additions made to old house
There will be LTCG of around 39,60,000/- after indexation.
For exemption the said amount can be invested in Capital Gains Bond, u/s. 54EC, or a house property u/s. 54 of IT act..
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