Capital Gains Tax for Selling a house

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  1. NARAYANAN56

    NARAYANAN56 New Member

    Hi,

    One of my friend has purchased a piece of house plot for around Rs.67000/- approximately during the year 1987 at a suburban place in Chennai. He has constructed a house on the above house plot by spending around Rs,20 lacs during the year 2013. The said property is in his spouse's name and she is a house wife. Both of them are illiterate.Now, they want to dispose their house for a tentative sum of around Rs.85,00,000/- (Rupees eighty five lacs only).

    Plz. let us know the amount of capital gains if any has to be paid by them this regard and if yes, the quantum of the capital gains tax. What will be the amount to be invested for buying another house for saving Capital Gains Tax.

    Regards,
    S. NARAYANAN
     
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