Sale of land and house in the land built later on that land

Tax queries 109 views 1 replies

Others

56 Points Joined January 2014

Sir

1. Land purchased by father (now transferred to me) before 2001 (purchased in 1980),

2. house constructed on this land in 1990

Want to sell the house+land

Can valuer do the valuation for both as on 2001 and index it to 2017-18 as per new CII?

How to do indexation as per New CII, and what is best way to lower LTCG

Replies (1)

Self Employed and Agriculture

1349 Points Joined November 2014

Fair Market Value as on 2001 can be taken for valuation purpose (Cost or fair market value whichever is higher)

and for the purpose of Indexation refer case of Manjula J. Shah

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