In April 1973 my eldest sister purchased a plot of land which she gifted me through registered deed of gift dated 23rd August 2004. I have sold the same though a deed of conveyance dated 14.03.2024. A govt. registered valuer is chalking out the valuation of the land as on 01.04.2001 (the cut-off date of IT dept) to enable me calculate the capital gain tax under IT indexation which is approx. 350 in 2024. Taking the valuation as 'X' on 01.04.2001, the present valuation becomes 3.5X. How can I calculate the nett capital gain the sale value being say 'Y' with what allowable deduction of expenses applicable? May I have the detailed clculation to arrive at the taxable capital gain?

This is calculated using Cost Inflation Index (CII). In cases where the property is bought before 2001, the IT laws allow you to adopt the fair market value as of 1st April 2001.  It may be noted that this fair market value cannot be higher than the circle rate/guidance value as of this date. The CII of 2001-02 is taken as base value of 100 and this value for current FY is 331. The Indexed Cost of Acquisition will thus be = 331/100*(FMV as of 1st April, 2001).  If you have spent for any maintenance etc., you can add to this and claim. The capital gain tax will be 20% of the Sale value minus Indexed Cost of Acquisition. Surcharge and Cess will be as applicable on the above tax computation. 3. How to invest this money and in what type of instruments so that tax can be saved?

My sister purchased a piece of land at W.B. in April 1973 which she gifted me by a deed in August 2004. Recently,I have sold it in March 2024. The stamp duty fair price is about Rs. 1,40,00,000. Whether this will attract Capital Gain Tax? If so what could be the method of calculatioin for obtaining Capital Gain?

On 15.10.24 I have sold property for 1 .60 cr.., the property is 35 yrs old, how to calculate capital gains tax. Kindly advise

Hi, We 3 Family Members (Mother and 2 Sons) purchased a Land of 185 Sq.Mtr. with Rs. 78,000.00 in Oct-2001. Now we have sold it in Nov-2024 at 10.80 Lakhs. Each Member will get Rs. 3.60 Lakhs. Now with the Current Index of the said land is Rs. 5730 per sq.meter. Being the 3rd holder will it attract Capital Gain Tax and how much and how it is calculated.