Sir, I would like to sell my house which was transferred to my name by all family members (Mother, sisters, and brothers) in the year 2000 for the value of Rs. 3 lakhs. If the value is now recorded as Rs. 10 lakhs, what is the tax liability for me if I sell the said property now? I am salaried in a private limited company and filing my income tax return regularly. Kindly guide me in this regard. Thanks.
From India, Chennai
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4From India, Chennai
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CII 280 for FY 18-19 means 3 lacs x 280/100 is the notional inflated value, i.e., 8.4 lacs is the index value. So, Rs 1.6 (10-8.4) lacs would get added to your annual income.
Note: Please confirm the above line with a nearby CA as the response is based on the mentioned value, which may differ from the actual amount in the documents.
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Note: Please confirm the above line with a nearby CA as the response is based on the mentioned value, which may differ from the actual amount in the documents.
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