how to know the value of construction in 1990 for computation of LTCG tax on sale of residential house
mehul
(Querist) 01 September 2008
This query is : Resolved
The following is the transaction details:
a) My father purchased land in 1975 for Rs.x/- in joint names with my mother (i.e wife & husband)with his self earned money.
b)In 1990 he built a house of 3000 sft on the land he purchased in 1975 both names( wife and Husband)
My query is that I know the cost of land (COA-cost of acquasition)for the registered sale deed but I do not know the cost of construction for the house he constructed in 1990. There is no documentary proof bills for construction and imoprovement costs (COI-cost if improvement)thereafter.I only have the property tax receipts. How to compute LTCGT assuming i am selling the property in the assesement year 2008-2009 and how to arrive at COI is there a benchmark given or how do i value the construction cost in 1990 and improvement thereafter.Please guide me and inform which websites or information I can get myself. Or please cite example or case study or for the sub-registar officer or muncipal office
rajesh garg
(Expert) 07 September 2008
value of goods*100/cost of index of current yr
