Capital gain on property

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Job
21 Points Posted on 12 April 2017

My Query is regarding Capital Gain Tax.
I purchased a plot in 1989 at Rs. 6000 which I have document. 
Then I build it with 2 rooms, Kitchen, Washroom, Boundary Walls  and veranda. It cost me 2 Lakhs on 1992. In 2001, I build One more room, Store room, Stairs ,roof boundary walls and tiles in roof and it cost me 1.5 Lakhs. In 2016,  I have sold my House at 14 Lakhs. I have not any document/Bill of constructing the house.

My Questions are:
1. How much I have to pay on this property.
2. As I have no documents/Bills against construction of house. How can it be calculated in account.

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On 12 April 2017 at 13:59 Report
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SEO Sai Gr. Hosp.
212503 Points Posted on 12 April 2017

Take valuation report from Government approved valuer as on 1st April, 2001 for the whole property and index it as of date of sale to arrive any long term capital gain.

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On 12 April 2017 at 16:47
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43 Points Posted on 19 April 2017
The Indexed cost of Acquisition of your property will be Fair Market Value (as on 1/4/2001) which will be indexed to the year of sale. However, you will not get benefit of renovation done in 1992 as it is before the date of base year.
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On 19 April 2017 at 14:50

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