Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2012
A property (Land) has been purchased in 1970 which was transfer to 3 legal hair on the death, which is further transfer to the 13 leaga hairs of above 3 person on death. Now going to sale the land. How it will tax as capital gain? Also is there any scope of reducing or nulifying the Tax if applicable?
10 October 2012
The capital gain will be taxed in the hands of 13 people. Cost to the previous owner or valuation as on 1/4/1981 may be taken as the cost. To nullify the tax, exemptions u/s 54, 54F or 54EC may be sought for.
10 October 2012
The cost to the very first owner of the land should be taken as cost of acquisition.Also there is an option to take the cost as on 1/4/1981. For that get a valuation certificate from a registered valuer. Indexed cost of All the capital expenditure incurred by the previous owners and the current owners will also be allowed as deduction. Exemption from so arrived capital gain can be claimed under the sections specified by amol sir.
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