i was purchased a flat in 1985 rs 10 lac now i was sale rs 31,11,000 so how can i calculate tax on it.....i was pay commission to dealer rs 85,000 on it.
no any other property purchase.
Gain = Net sale consideration - Indexed cost of acquisition
Net sale consideration = sale price - commission = 31.11L - 85K = 30.26L
Cost of acquisition = you can take fair market value as on 01.04.2001 as cost of acquisition (or) Purchase cost on 1985 which ever beneficial to you. but make sure when you take FMV use CII in the year of 2001-02 and if you don't opted FMV on 01.04.2001 then make sure use of CII for the year 1985.
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