Capital Gains Tax

Querist : Anonymous (Querist) 01 February 2011 This query is : Resolved
I will be receiving 500 sq ft office (built up area) in a commercial building, which is being built by a builder on our ancestor's plot which is 50 years old. All other partners will also receive similar offices.

a) How do I calculate the Capital Gains Tax that I will have to pay ?
b) What would be the timeframe for paying it?
c) Is any other tax applicable in this scenario ?

Thanks and Regards

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soumitra basu (Expert) 15 April 2011
You have to pay capital gain tax on the market value of 500 Sft in a commercial building as reduced by the proportionate fair market value of the property as on 01.04.1981

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