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Tax payable
If a person sold his house(bought out of his earnings,purchased in 1975,for Rs.28000/-) for a sum of Rs.5 crores. Capital gain is applicable to this? if so how much? or how much income tax to be paid before dispersing the amount to his kids.
Replies (2)
find out it's guide line value as on 2001 and apply indexation keeping 2001 as the year of acquisition
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