03 July 2024
Mr.x gifted a house property to his daughter in law during 2002 guideline value Rs.1150 00. She died in 2007. Her legal heirs consisting of 4 sons and a daughter. In 2007 they made a partition among them and 4 legal heirs release in favour one brother. In 2023-24 he sold the property for Rs.485000. I want to know what is the cost of acquisition taken by the seller for capital gain calculation
03 July 2024
For the purpose of cost of acquisition take it as guide line value of Rs 115000 01 April 2001 value has to be considered. Legal heirs release can be considered as gift.
CAclubindia
