Need advise for Senior citizen

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  1. Virendra Zala

    Virendra Zala New Member

    Hi, my father bought a house in 1985-86 having a sale document value of Rs.60,000/- and sold out in 2013-14 having a sale document value as Rs.713000/- . As that time we were not aware about Capital gain tax but in last month we got a notice for the due payment of Income tax with 2 year's interest on that capital gain.
    Kindly advise about the issue and solutions as well as what are the ways to minimize the tax liability ?
     
  2. nafeesa

    nafeesa Member

    Yes u are liable for capital gain tax & interest thereon for not paying within the due date.
    but if you have invested in any other house property by utilizing this capital gain,then u r not liable for capital gains tax.
    otherwise there is no any other solution
     
  3. Virendra Zala

    Virendra Zala New Member

    What will be the final tax amount with interest?
    How much I can claim as house renovation expenses in this case?
     
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