Received a property (Shop) through will on 03/04/2001. The same property is sold on 03/10/2017 for 30,00,000/-. How would be the working for Capital gain tax?
29 December 2017
Cost of the shop is the 'cost incurred' by the previous owner. Index the cost by applying the cost inflation index of the year of acquisition. Deduct the indexed cost so arrived from the sale value. The resultant figure will be the Capital gains.
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