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Balaji T

Capital Appreciation tax

My uncle has own house and he would like to sell that, does he need to pay any tax to Government during the selling transaction? The house is his heritage property. Kindly suggest on this.... more  

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Alokekumar Das
The matter is applicable now products sale which has been received from heritage. So really he is the owner of the property. So the Tax have to be given as per property act.NOW GST will be applicable here as it is an asset. This is my idea of common sense. God bless you more  
Pammi Vishnumurty
Lack of knowledge about Retired citizens is the biggest weakness of the present day government. more  
Balaji T (Private employee)
Thank you All, He got that property from his father and how can he pay the tax means how can he arrive the cost of the asset. He would like to deposit that amount in bank and use the interest amount to his daily needs. Though he is a senior citizen, that he has any privilege to get tax benefit if he invested any of the instruments. Please suggest.. more  
Avinash Limaye (Ten Ears Service, Relesed Sailors, W/o Pension Benifits. SCSE. )
you quote the price exclusive of any taxses applicable. 2017-04-23 6:00 GMT+05:30 Balaji T : > more  
Sasidharan B
Dear Balaji It is better to consult a chartered accountant .Normally they charge you. If you are in Chennai, please meet me. I can guide you free of charge. The guidance value of un divided share of land(if it is a flat) or the land if it is an individual house as per year 2001 to be ascertained. Then this value to be indexed to the year of sale. Then you need to arrive the cost of construction of the house as on 2001.Index it. The expenses incurred for repairs, Taxes after 2001 etc also can be added and indexed provided you hold proof of such repair. The difference between the sale proceeds and the indexed value so arrived ,if greater than ZERO, is subject to LTCG. It is better to consult a chartered accountant .Normally they charge you. If you are in Chennai, please meet me. I can guide you free of charge. more  
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