Mr. CHATTERJEE (service) 26 November 2020
If I sold a house (land and building) at 18 Lakh in FY 2021-22 and stamp duty value is 20.5 Lakh as at FY 2021-22.
Whether I can consider as Capital loss and utilize the money without paying any capital gain?
(else how can I easily calculate capital gains)
Details of land and building :
1. constructed building as on FY 1993-94.
2. stamp duty value as of 1-4-2001 is unknown.
Aman Verma 27 November 2020
Hi even if you sell it at 18 L you will have to pay LTCG as under section 50 C the diff between sdv and sale consideration shall not exceed 10% so in this case 18L *110% = 19.8 L while computing LTCG 20 L would be considered as Sale consideration ..
For LTCG please specify the purchase price as indexation will apply taking year 2000-2001 as base year
Mr. CHATTERJEE (service) 27 November 2020
Thanks, both of you. I need to know how easily I can calculate the cost of acquisitions as of 1-4-2001. It is old property documentation of building cost that has not been done.
(e.g. stamp duty as of 1-4-2001 and from where I can get the stamp duty)
veerendar singh 27 November 2020
You need to get the property valued by a certified valuer. you may approach any CA or Advocate. They might have some valuer in their contact. the valuer will give value for the year 2000-01 and thereafter you will get indexation benefit.