What is the current market price for the apartments in Medavakkam. Vadakupattu.

Q: I am planning to sell my home at medavakkam. Do i need to pay any tax from the appreciated value if i am not buying another home using the appreciated value/full value.

GOBINATH, Apartment Resident, Chennai

5th January 2015

Property Selling in Medavakkam, Chennai

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Thanks for response Anandraj and Sudhakar.. Builders are offering at the rate between 4500-5000rs/sq.ft without any cost considerations(Car park,EB etc). I bought this property before 4 years, how can i calculate the resale value/rupees/sq.ft.

GOBINATH, Apartment Resident, Chennai

7th January 2015

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Save Tax via Investments :- Section 80 C allows for expense incurred under certain heads or investments made to be deducted from the total income. 100% of the amount invested or Rs.1,50,000, whichever is less, is available as deduction from total income. Below mentioned is the list (not exhaustive) of most popular investments u/s 80C: 1) Life insurance premium paid towards life of self, spouse or any child, 2) Contribution towards statutory provident fund, recognized provident fund, approved superannuation fund, 3) Contribution towards Public Provident Fund Scheme, 4) Any sum deposited in a 10 year or 15 year account under the Post Office Savings Bank, 5) Subscription to the NSC, 6) Subscription to units of mutual fund Equity Linked Savings Scheme notified by the central government and 7) Term Deposit (Fixed Deposit) for 5 years or more with Scheduled Bank.

Sudhakar , Chennai

7th January 2015

Comment

As noted above, if you have appreciated assets, you will pay capital gains tax when they are sold. The good news is that non-profit organizations do not have to pay capital gains tax when they sell appreciated assets. Contact your financial advisor for that he will show you the right path.

Anandraj Iyengar, Chennai

7th January 2015

Comment

Appreciated assets are investments (propeties, stock, mutual funds, etc.) that have appreciated in value over what you paid for them originally or that someone gave to you and are now worth more than they paid for it. Appreciated assets are investments (stock, mutual funds, etc.) that have appreciated in value over what you paid for them originally or that someone gave to you and are now worth more than they paid for it. Because these investments have increased in value, you have an unrealized capital gain. That means if you sell the investment in question, you will have a realized gain and will have to pay capital gains taxes on the difference between what you paid for the investment (cost basis) and its value at the time it is sold. And you have to pay income tax for the appreciated value.

Sudhakar , Chennai

7th January 2015

Comment

HI,
The current residential property rate in the locality is between Rs. 4200-4800/sq-ft. and average property rate is Rs. 4500/sq-ft. depends on the locality and the amenities provided by the developer in the project.

Anandraj Iyengar, Chennai

7th January 2015

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