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VIJAYNARAYAN (FREELANCE EDU CONSULTANT)     11 March 2016

Cg tax for sale of flat

Dear ALL  sale value consideration for my flat is Rs.68L. The house is 47 years old. i purchased it about 18 years back. todays Guide line value for the UDS is 72 L. i am given to understand that irrespective of actual sale amount CG tax will be applicable for the balance amount after adjusting indexed purchase & indexed repairs. This raises a serious ethical question. There are many old houses which will never fetch the  market value. Can the GOVT force the individual to pay tax irrespective of the actual reality?  



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 2 Replies

ABHIMANYU JHAMBA (PROPRIETOR)     14 March 2016

You are statutorily required to take the sale consideraten as 72L irrespective of the fact that the actual sale consideration is less than that. Abhimanyu Jhamba 9218999999

VIJAYNARAYAN (FREELANCE EDU CONSULTANT)     17 March 2016

Dear Mr. Abhimanyu Good Morning. this is the qn i ve raised. statutorily i am reqd to take consideration as 72 L. But the point is when actual consideration is much less - due to old building- then there is a gap between actual & govt value which therefore is illusional or notional amount. How can the Govt penalise by way of TAX

i would be happy for a debate on this  


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