Registration of self built house

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Retired
32 Points Posted on 02 October 2018

A person built his house on a piece of land, with due approval of the town planning dept. He pays property tax based on the built-up area of the house.

Does he have to register the property?

When he sells the house after three years, how will one calculate the LTCG when there is no registered record for the original cost.

 

 

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On 02 October 2018 at 16:35 Report
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184 Points Posted on 02 October 2018
The cost of land can be either purchase cost or value as per ready reckoner as on date of acquisition.
The coat of house will be construction cost and if no details available, value as per approved valuer report can be a basis.
index both the above values as per CII and work out capital gain.
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On 02 October 2018 at 17:34
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Retired
32 Points Posted on 02 October 2018

Thanks a lot for the reply. My other query was- is it necessary to Register the house.

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On 02 October 2018 at 20:50
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184 Points Posted on 03 October 2018
Generally land is registered.
If house is built then there is no need to register separately.
If house is purchased then it will be registered
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On 03 October 2018 at 19:28
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64 Points Posted on 03 October 2018
at the time of selling value your property with a registered valuer and obtain the certificate..that Will be a proof to you
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On 03 October 2018 at 23:17


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