sir, I had sold a plot in Jan22 at Rs 840000. but the govt. valuation of plot was 1250000 on which amount shoult I pay capital gain tax
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Quick Summary
When selling a property, capital gains tax is typically calculated based on the sale price. However, if the government's valuation is higher than the sale price, tax may be levied on the higher valuation. This is to prevent under-reporting of sale values for tax purposes. It's important to consult with a tax professional to understand the specific rules applicable to your situation.