calculation of LONG TERM CAPITAL GAIN

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 We have taken residential property on rent before 01-04-1981. this property was converted in to ownership by paying 15000(100 months rent)in 1989. now we are selling this property @1000000.00 then how to calculate L.T.C.G.?

Can we take market value as on 01-04-1981 and take benefit of indexation or we have to take cost as 15000.00 of 1989 and taking base of 1989 indexation to be done?

as assessee has shown payment of 15000 as drawings and in balance sheet this self occupied property has not been shown, Does this make any difference?

please reply.

Ravikant

Ravikant (Expert)
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18 July 2011 take cost as 15000.00 of 1989 and taking base of 1989 indexation to be done

Doesnt make a difference if the property is not in balance sheet