Hello Friends,
I have constructed a house in the year 1990/- Rs. 5,00,000/-
Sold the house(Possession) in the year May 2017 Rs. 26,00,000/-
Kindly calculate Income Tax for the FY 2017-18..
Menu
Capital gain. sold my house
Replies (3)
Get cost of house from Government approved valuer as on 01.04.2001!!
For example:-
Government give the value as on 01.01.2001 is Rs. 4,00,000/- please calculate it.
It is unjustifiable. The valuer would estimate it to about 11 to 12 lakhs.
The cost index ratio of 2017-18 to 2001-02 would be approximately 2.5 to 2.8
Finally the indexed cost of the house would be almost same or higher than the sell price..............means no capital gains..........no tax.
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
