Need some clarification in Sale of Ancestral property . Its my mother's property which was purchase in 1962 with the value of 70000 rs and now going to sale for 75 lakhs.
She have made a construction (2014) in that land for Rs 14 Lakhs. My Question is which year i should take for CII calculation and what value should be take for CII.
24 December 2018
Land - fair market value as on 1-4-2001. Building - cost as in 2014.(Rs. 14 lakhs) Ps:- the above f.m.v & cost can be indexed. per cost inflation index notified vide S.O 1790(E) dated 5-6-2017.
CAclubindia
