Capital Gain Tax On Terrace Selling | Vkeel - Free Legal Advice

Laxman Das Dadlani

BHOPAL

Bhopal, 10.08.2020 Sir / Madam Namaskar, I am a Retired Govt Servant (61y). Purchased a plot of 1500 sq ft in May 2005 @70000/- from housing society at Vijay Nagar, Lalghati Bhopal + stamp duty, etc 40000/- = 110000/- and constructed house on the Ground floor only, from 2010 to 2012. The collector rate i.e govt rate in the year 2010 was 600/-sq ft and the Market rate in the year 2010 was 1350/- per sq ft. Availed loan from a Nationalized Bank for Rs 8.00 Lakhs + Salary savings 4.00 lakhs. (Construction cost=12 Lakhs). I want to sell Terrace 1000 sq ft of the ground floor. The present Govt/Collector rate is 1631/- sq ft and the market rate is 4500/- sq ft. Please guide, what will be the Minimum and Maximum Selling price of terrace 1000 sq ft. And what will be the Capital gain Tax? If I sell at Govt rate 1631000/- What will be the Capital gain tax and what is the formula to calculate it. The purchaser wants to avail HL from Bank. What will be available Housing Loan amount? Thanking You.

Expert's Answers(3)

Advocate Abhimanyu Gurawalia
Patli Hajipur, Haryana

60 Client Ratings

the tax will be as per rate of terrace which can not be less than collector rate housing loan will be given as per bank norms

September 19, 2020
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

Your question depends upon the local laws of your State. Your local Lawyer is in better position to Reply both of your questions. Please give me Rank Five and follow me after reviewing my resume.

August 12, 2020
Kishan Dutt Kalaskar 40 years Exp (Retired Judge)
Bengaluru Urban, Karnataka

187 Client Ratings

For exact information please consult Sub Registrar. He will respect you as you are retired govt. servant. Why second hand information. Please give me Rank 5 and Review my Resume and Follow me if my answer satisfies you.

August 11, 2020