Capital gain on sale of inherited property

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Priyanka (Querist)
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01 July 2018 Hii,
Can anyone please help to know what amount to be taken as Cost of Acquisition for an inherited property which was bought around 100-120 years ago and which don't have any records of purchase.
The Property is sold in April'18.
Thanks in advance...

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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03 July 2018 Get Govt.approved valuer"s certificate for value as on 1/4/2001.Taking this value as base,you wait for cost inflation index for 2018.For example,if,your value of property is Rs.10 lakhs on 1st April,2001 & cost inflation index for 2018 is 290,then amount in excess of 29 lakhs is considered as capital gain.This is shown to explain the capital gain because most probably cost inflation index for 2018 will be declared in 2019.

Priyanka

Priyanka (Querist)
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03 July 2018 Cost inflation index for the year 2018-19 is 280 has been issued.
Thanks by the way... it is really helpful

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