Long term capital gain on house property

Tax queries 239 views 10 replies

House property purchased 20 years back at Rs. 1 lakh.   Sold in 2019 for Rs. 95 lakhs.   Guideline value 2001 is Rs. 2000 per sq feet and current guideline value is Rs.1750 per sq. feet.   Plot area 2400 sq feet.   How to calculate the Capital Gain ?

Replies (10)

Plot area with house property area; not possible to calculate.

Get circle rate of constructed area as on 2001, and the area of house property!!!

Dear Sir,

House value is taken as NIL and only plot value is taken and sold.

Do you mean house property given free along with plot!!

That too when the current circle value (Rs. 1750/-) is less than circle rate of 2001 (Rs. 2000/-)

If you want proper answer be serious to feed correct data..

Dear Sir, The house  being very old (not being maintained properly), the valuer, a qualified engineer, has not given any value for the house and he has given the estimate -  the price for the plot (based upon the market environment in this part of the area).   Secondly I do not understand what you mean by circle value.  In Tamilnadu, generally the properties are Registered according to the Guideline Value (published by the Govt) or the Sale Price,,whichever is HIGHER, and sta(mp duty paid.  The guideline value for the property in this area as fixed in 2001 was Rs.2000 per sq feet.  On representation from the real estate market, the Govt reduced the Guideline value.   According to the revised Order of the Govt  the current value of the property is  Rs. 1750.   Hope I have explained the position clearly.  I am serious to know the Capital gain relating to the above.  The other details are in the post submitted earlier.   It is not my intention to waste anybody's time.   If possible you can help me.

As per my understand stamp duty value for square feet as on the sale date INR 1750 and square feet value as on 1.4.2001 INR 2000.

Can you please tell whether the complete amount paid routed through banking channel and stamp duty paid value for the calculation of capital gain.

As per my understand stamp duty value for square feet as on the sale date INR 1750 and square feet value as on 1.4.2001 INR 2000.

Can you please tell whether the complete amount paid routed through banking channel and stamp duty paid value for the calculation of capital gain.

Dear Sir,Sold in March 2019.   Sale Price Rs.95 lacs settled through cheque (Bank a/c) & stamp duty @ 11% Rs.10.45 lacs paid.

Thank you.

Dear Sirs,  I have given the desired particulars.   I am awaiting your answer as to how to calculate the Capital Gain.   If any other details are required?

Thank you

Have you procured 'Valuation certificate' of the plot as on 01.04.2001, from any registered valuer?

If yes, & if the rate be cerified as Rs. 2000/- SQ.FT .... In that case no tax liability.

Thank you Sir


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