capital gain on ancestral property
This query is : Resolved
14 April 2009
An ancestral land of cost around Rs.1 lacs on 01/04/1981 (as per valuation) given to Mr.A (builder) for building an Apartment in 2005, and instead of Land Mr.A has agreed to give me 11 Flats out of total 22 Flats on that apartment, which is handed over to me in 2009. we are 3 brothers. How the Capital gain will be calculated on Land?will the cost of Flats to the Builder will be consideration for CG??plz confirm.
15 April 2009
In my opinion, stamp duty valuation of 11 flats will be taken as full value of consideration for above purposes.
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