sir, I would like to sale my house which is transferred to my name by all family members (Mother, sisters & brothers) in the year 2000 for the value of Rs.3lakhs. If the value is now recorded as Rs.10lakhs. What is the tax liability for me if i sell the said property now? I am salaried in a pvt ltd company & filing my IT return regularly. Kindly guide me in this regard.Thanks.
From India, Chennai
4From India, Chennai
CII 280 for FY 18-19
means
3 lacs x 280 /100 is the notional inflated value i.e 8.4 lacs is is index value, so Rs 1.6 (10-8.4) lacs would get added to your annual income
Note : get the above line confirmed with a CA nearby as the reply is based on the value mentioned, it may differ with actual as per documents
means
3 lacs x 280 /100 is the notional inflated value i.e 8.4 lacs is is index value, so Rs 1.6 (10-8.4) lacs would get added to your annual income
Note : get the above line confirmed with a CA nearby as the reply is based on the value mentioned, it may differ with actual as per documents
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv