| Re: Income Tax and Other Utilities thanks for providing such a useful site. i have a query related to capital gains, pl reply.
a house was gifted by my cousin in Dec,2003. the govt valuation of that property was 23 lakh for which i had paid Rs.2 lakh as stamp fees for registration. in june,2007 i have sold that house for Rs.20 lakh. what will be tax liability on me for capital gains. how can i calculate the fair market value of that gifted house at the time of acquisition in 2003. pl reply if anybody have the solution for this query.
regards,
shailendra |