Sir / Madam,
I sold one property which was actually purchased by my father in 1978 . as per the sale deed the amount of purchase is Rs.2350.00 for 215 Sq yards. However i sold the property last month for Rs.1,00,00,000.00 ( 1 Crore ). The Entire Transaction was done in White ( recorded in sale value in the deed which was registered after paying stamp duty by the buyer). Now how do i calculate the capital gains as some guys gave the following references below :
- As per the IT Act 2017 any property purchased before 2001 then it has to take the bench mark of 2001 year as value ( in 2001 the property market value as given by local state revenue authorities (MRO) is Rs.1000.00 per square yard. So will my property purchase value should be Rs.1000 * 215 sq yrds (Rs.2,15,000.00) or purchase price should be Rs.2350.00 for 215 sq yrds as recorded in sale deed?
- As per the Income Tax Site the Cost Index Value for 2001 year is 406 and cost index value for 1981 is 100. so should i calculate the Cost index price of the year 2001 or 1981 ?
- Overall how much tax i need to pay ... can some one please help in clarifying this case.
Thanks
Ramakanth
CAclubindia
