i request a reply from the thread starter or my learned friends here for the following :
In case of Long term CG on sale of Residential House property ( single house, 31yrs old )
1. What is the max amount one can invest in CG bonds, total 50lac or 50lac/yr ( within 6 months ).
2.If the property deed is in joint name of Husband & Wife, can the CG be divided between them if both are filing IT return separately.
3.For calculating CG, should Land & Building value be taken separately. If so , what is the depreciation to be applied for building & whether present indexed cost to be taken separately for land.
What part is played by Guide line value.
Or can the total value taken for indexation ( land plus building )
If land value is not known or shown separately in sale deed, what should be done.
If addition has been done in 1st floor ( 21 yrsr ), how to calculate the cost if bills r not available for material cost.
4. If CG exceeds one cr, how to avoid tax on balance amt after depositing in Bonds.
Thanks for the time.