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CAPITAL GAIN ARISE OR NOT URGENT

This query is : Resolved 
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(Querist)
10 May 2011 I SELL MY ONE PROPERTY RS 250000/- ON NOVEMBER 2010
PROPERTY PURCHASE BY PREVIOUSLY BY DADA AND PARDADA 1978 AND IS TRF FROM MY FATHER
CAPITAL GAIN IS ARISE OR NOT
IF YES SO WHAT IS TREATMENT
PLEASE HELP
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
10 May 2011 Yes Capital Gain arises.
take the sale consideration and deducted Indexed cost of acquisition and find out the capital gain.
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ARJUN MALVIYA

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ARJUN MALVIYA (Expert)
10 May 2011 FMV as on 01.04.1981 (which I think will be greater than COA) shall be taken as COA. Index it (along with COI made) to reduce the CG.
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