My father had taken a plot of land on 999 years lease from the local Corporation at a premium of 2914/- on 22/11/1956 which was converted into Freehold on 1/11/2000. He had built a house on this land in 1959-60 at the cost of 30000/- only. What would be the Indexed value of this property in the FY 2022-23?
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Indexed Value for LTCG
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Summary of Steps
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Obtain a Valuation Report: Hire a registered valuer to determine the Fair Market Value (FMV) of the property as of April 1, 2001.
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Gather Records: Keep copies of the original lease premium, the conversion fee receipts, and any records of construction or major improvements.
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Use the CII Table: Use the official Income Tax Department CII table to find the indices for 2001-02 and the year you sell the property.
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Compare: Calculate the tax using both the 12.5% (no indexation) and 20% (with indexation) methods to choose the one that saves you the most money.
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