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Property Sale: Tax Implications - 70 Lakh Gain, 20-Year Holding?

T S Khurana |454 Answers |Ask -Follow

Tax Expert - Answered on Mar 24, 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 Prasad on Feb 27, 2025Hindi

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I inherited a property 20 years back which I sold for 70 lakhs. The fair market value of the said property was Rs.62/- per sq.ft in 2001 and currently it is Rs.611/- per sq.ft (obtained from local registrar office officially). So what is the LTCG on my sold value of 70 lakhs

Ans: You have probably missed mentioning area of the Flat sold & date of Sale of Flat. I can't make any comments, in absence of this information.
Most welcome for any further clarifications. 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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