I own a house with only Ground Floor constructed on it. I had been considering to sell the house but there seems to be takers to pay for the entire property. Then there are payment issues.
The present property laws permit floor-wise sale and registration. The building laws applicable allow basement, ground floor, first floor and second floor. I am proposing to sell the ownership rights of First and Second Floor to one or two individuals.
The indexed cost of acquisition works out to Rs.58.70 lacs based on the index applicable for last year i.e. 632.
Please advise the methodology of taxation of LTCG as per the provisions of IT Act and any precautions to be taken in this regard.
Ashok Monga
