Hi all,
I have a situation here.
I am selling my apartment to my cousin for 20L in bangalore. It is a 10 yer old apartment which was purchased during recession of 2001 at 2L (actually 10L, but builder wanted 8L in cash). The apartment is bare, ceramic floor, no balconies and no woodwork, no car parking (I made a big mistake back then not to purchase it..)
The problem is the govt rate is at 28L in that area whihc is 8L above my selling price! Now what to do? Is this not unfair for me to pay capital gain tax for full 28L when I have actually sold at 20?
Please let me know how best I can save from tax?
regards to all.
Maroon
CAclubindia
