Registration of self built house

1364 views 4 replies
User Avatar

Retired
32 Points Joined December 2016

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.

 

 

0 Reply Share Follow
On 02 October 2018 at 16:35 Report
Replies (4)
User Avatar

CA Practice
184 Points Joined September 2013
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.
Reply
On 02 October 2018 at 17:34
User Avatar

Retired
32 Points Joined December 2016

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

Reply
On 02 October 2018 at 20:50
User Avatar

CA Practice
184 Points Joined September 2013
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
1 Reply
On 03 October 2018 at 19:28
User Avatar

64 Points Joined September 2017
at the time of selling value your property with a registered valuer and obtain the certificate..that Will be a proof to you
Reply
On 03 October 2018 at 23:17

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading