pls help with my query. my mom has received a house from my grandpa by will after his death in the year 2009. we sold it for 400000 in 2011 what is the tax liability and what expense can i show in this? grandpa purchased it in 1976 for rs.11000/- (eleven thousand.)
27 June 2011
in this case FMV on 1-4-1981 will be the cost of acquisition get the same determined by a regd valuer the same will be indexed and deducted from the sale value exp if any incurred in transfer of prop can be deducted
CAclubindia
