Wondering, how do I calculate capital gains on an old property? Calculating the acquisition cost for capital gains tax purposes when selling a property in 2024 can be challenging if there are no records of the original construction costs.
How is Capital Gain Calculated on Old Property in India?
Start by trying to gather any documentation or records related to the construction of the property in 2004. Even if you don't have these records, it's worth checking if any documents were stored digitally or if there are any other sources you may have overlooked.
If you're unable to find records, you'll need to estimate the construction costs. You can do this by consulting with professionals such as builders, contractors, who can provide an estimate based on the size, type, and location of the property.
In addition to construction costs, you should also consider any other expenses incurred in acquiring the property. This could include legal fees, survey costs, real estate agent commissions, title insurance, and any other costs directly related to the purchase of the property.
Since the property was constructed in 2004, you'll need to adjust the estimated acquisition costs for inflation.
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