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Long term capital gain
Property purchased in 1980 @ 120000 , sold in 2018-19 @ 9700000.but indexation benefits is available from 2001. which is leading in more tax liability, My question is that whether we have to take purchase value only or we can take registered valuer valuations as on 2001 and calculate tax accordingly.
Replies (2)
Yes, you can take registered valuer's valuation as of 2001-02 to calculate LTCG.
As per rules value shall be adopted purchase cost of Fair Market Value whichever is Higher on 2001-02,,,and LTCG On 634000 @ 20%
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