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How to calculate capital gains on old rented property?- Property Hotline
Posted
September 22, 2016
Views
117
Likes
3
Engagement
2.56%
September 22, 2016
117
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2:45Now PlayingExpert: Vinay Singh, Legal & Tax Expert.
Question: I was a tenant for the last 45 years under rent control. My land lord has now bought back the flat and compensated me accordingly in April 2016. I want to know how I should calculate capital gains on such an old rented property.
Answer: To calculate, compensation received minus cost of acquiring tenancy if any is capital gains in your case. You must invest the sale proceeds not gains in a residential property within 2 years of the buyback agreement to save tax.
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