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Mihir Tanna  |982 Answers  |Ask -

Tax Expert - Answered on Sep 14, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
sadhana Question by sadhana on Sep 13, 2023Hindi
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I HAVE HOUSE INHERITED AND PAY REGISTRATION FEES OF VALUATION OF VRS. 50,00,000.00 IN THE YEAR 2010. NOW I SOLD IN JULY 2023 FOR A CONSIDERATION 1,50,00,000.00. KINDLY ADVICE ME HOW MUCH TAX I SHOULD PAY

Ans: Cost of original owner is relevant factor. If same is not known or acquired by original owner before 1.4.2001, it is advisable to get valuation as on 1.4.2001.

Further, indexation benefit is available on long capital asset. For which you can use income tax calculator https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

You have to pay tax @20% on Gain (Sale minus Indexed cost)
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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