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Selling of property determining the market value
20-Apr-2023 (In Property Law)
Iam selling a plot of land this month for 55lakhs(sale deed price). It was purchased in the year 1980, for Rs 1200 (sale deed price). I have the following queries; 1. How should I arrive at Capital Gains, applying the recent change in budget 2017, where the base year is 2001(instead of 1981)? 2. Should I get Valuation done of the site, to determine the market value of it, as on 2001, and later apply indexation(from 2001 to 2017)? Is it the MARKET value of land ( as determined by approved valuer) as on 2001 or the GOVERNMENT fixed value of land as on 2001, which is taken for calculation of cap.gains? 3What if I want to pay CapGain Tax &use money for other purpose?How much should I pay Tax? 4. If I want to put the money in CAPITAL GAIN a/c of any nationalised bank for future investment in another flat/house, SHOULD i deposit the ENTIRE sale consideration( ie, 55 Lakhs) or ONLY the capital gain.
You should immediately apply for the valuation of the property with reference to the index of 200. Also, you are free to deposit the said Cap Gain Tax in any bank you want. Also, you will have to pay the tax on the amount which is remaining after deducting capital gains and other amounts which are to be deducted. You can deposit the Capital gain or total amount of the property in the bank.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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