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)