I am senior citizen and I have sold my flat on 01.07.2012 :
Cost price in 1988 = Rs. 1,70,000
Sold price in 2012 = Rs. 23,00,000
Calculation : 1988-89 index was 161 , 2011-12 index was 785
So the notional cost price paid = 1,70,000*(785/161) = Rs. 8,28,881 say Rs. 8,28,000
Since property is held for long term : Long term profit = Rs. 23,00,000 minus 8,28,000 = Rs. 14,72,000
Tax to be paid = 20% of = Rs. 14,72,000 would be Rs. 2,94,400
My Question : 1. Calculation is ok
2. Can I purchase new flat only for Rs. 14,72,000 and avail tax benefit or I have to purchase flat worth of Rs. 23,00,000
3. Is it neseccery open CGAS within 3 months of sale or I can open it within 31.03.12 (Retun dt)
4. I have put Rs. 8,00,000 in term deposit in bank on 15.06.2012 from Banakhat amount, whether I have to withdraw this amount and put in CGAS immediately
5. Whether I have to deposit advance tax worth of Rs. 2,94,400 within 3 month
Pls. give me your feedback. Thanks