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Father bought 2 floors in 1986 now selling all 3 in 2023: How do I show this income?

T S Khurana |463 Answers |Ask -Follow

Tax Expert - Answered on Mar 17, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Raj on Mar 15, 2025Hindi

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Father bought ist and 2nd floor @ 2 lac only in 1986, he made construction of 3rd floor... We don't have bills etc of construction Now in April 2025 all 3 flat will sell @ 24 lac each total amount 72 lac How I can Show this excecution in Income Tax... Also what will be my Tax liability

Ans: Your question has already been replied as above. Please don't repeat the same.
Wish you all the best. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Dr - May 13, 2024Hindi

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We sold out father's bungalow Built in 1970 costed around 25 lacs We sold it to 96 lacs last year What will be capital gain tax ? we don't have bills of renovation as of now since sister is quarreling she is refusing to give regn copy of last year purchase even bungalows receipts she is not giving Now what to do? This 96 lacs amount is shared by 4 sister and we 2 brothers Or should I show some property investment in advance please guide me ikpl.ravi@ Gmail com

Ans: 01. As described in your question, you might have received Rs.16.00 lakhs (1/6 shares of Rs.96.00 lakhs), in your account.
02. Keeping in view the cost details which have mentioned, LTCG would just be negligible (may be less than Rs.1.00 lakh in your case). You may pay tax on the same & go ahead, instead of involving in any sort of litigations.
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Question by Raj - Mar 04, 2025Hindi

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Hi My father purchase ist and barsati floor in 1986 @ 2 lac... He made 3rd floor construction... We dont have construction expenses bills Now he want to sell@ 10 lac each floor to 3 indiviual buyers, means total 30 lac sale considration ., how it can be shown in income tax... Will 2 lac buy value is divide in 3 floor?

Ans: 01. As per details provided in the question, your Cost for all the three Flats is Rs.2,00,000.00 only. This is due to lack of documentary evidence about Cost of Construction (Bills & Source of Finance etc.).
02. LTCG tax may be comparativly less, if you opt for LTCG calculation without Indexation.
03. I would suggest you to get a Certificate of an Architect, who would certify the cost of your property as on 01.04.2001. You may treat this as your Cost for 3 flats and work out your tax details.
Most welcome for any further clarification. Thanks.

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