Mr. Ram Lal, who had purchased a plot of Rs. 1,02,000/- in July 2003 constructed a House on the land in 2016. Later he Sold the House in June 2021 of Rs. 30 Lakh.
In FY 2021-22 he thereafter purchased again a land of Rs. 7,66,000 and invested all the money for construction of a new house.
Now, how to compute the indexed price of the property purchased in 2003 and the expenditure incurred in the development of residential house sold in the year 2021.
Also no expense details available which was been constructed in FY 2021-22 of new house to avail accurate exemption under section 54.
Please guide.
Note: Assessee has only one house property for his residential purpose.
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