my grandfather purchased house for rs. 12000 in 1970. they construct 1story and spend money around 80000rs then we again registered it in 1990 for rs. 100000. After this we repair many time in our home. now my grandfather is not no more and home transfer to my father and 2 brothers. now we selling this property in 2017 for around 1000000/-.
then how we calculate capital gain on it.
please guide
thank you
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capital gain query
Replies (6)
but we have no records of repair
" now we selling this property in 2017............."
Get valuation certificate of the property as of dated 01.04.2001; from government approved valuer.
Based on that capital gains would be arrived.
Say the value is 3.70 lakhs or more....... no tax liability !!!
and which cost inflation chart applicable . old or revised
Calculate based on the report date 1/4/2001
NEW
u shold also mention cost of improvement n its time.
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