Sir
I am a government employee working in uttar pradesh and I have sold a house in this month for Rs 28,00,000 (twenty eight lac only) which was constructed in 1970s in my fathers name and he gave this home to me as his last will.
So I want to know that do i have to pay any tax on such ?
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Selling House
Replies (1)
Yes, if sale proceeds exceed indexed cost of the property based on 2001 valuation.
For that you will have to obtain its valuation as on 01.04.2001, from sub-registrar office or from Govt. approved valuer.
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