119 Points
Joined October 2018
As per ammendment in income tax act. now u have to consider value of building as on 01.04.2001. Then multiply that value with 280 and divide it by 100. the value arrived is to be subtracted from sale amount. Balance amount is Profit(LTCG) and taxable at 20%.
For Ex.
Value of building is 5,00,000.00 on 01.04.2001(as per valuation report) then 500000*280/100= 1400000.00(is consider as purchase cost), now 6500000-1400000=5100000.00 is consider as profit and taxable @ 20%. 1020000.00 is tax amount.