Capital gain Tax

This query is : Resolved

lokeshsood (Querist)
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04 January 2009 My grandmother had aquired a built up property in 1965 worth Rs. 10,000/- only but she was a housewife at that time & payment was made by my grandfather. Now, the same property has been sold in the month of Jan. 2006 for Rs. 64 Lacs (all through cheque). Due to some family dispute, I had to file a civil suite against my grand mother claiming my share which was compromised in lok adalat at a consideration of Rs. 30 Lacs which grandmother had to give to me to withdraw the suit.30 Lacs were recd in a joint a/c of me and grandmother which I withdraw to buy self assets. Now please suggest about tax liability of my grandmother and for me also. Is money given to me i.e. 30 Lacs taxable for me?

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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06 February 2009 value as on 1.4.1981 is to be considered and after indexation capital gain can be calculated