capital gain under section 49
This query is : Resolved
21 May 2016
Fact of the case
An assesse acquired a property under will and inheritance from the deceased.
The property purchased was prior to 1980-1981.
Now the problem is that the value of property on the papers is blurry and cannot be determined. The fair value of property in the year 1980-81 also couldn't be determined.
option- can assesse take value as Rs 1,00,000 and apply index cost of acquisition to calculate capital gain??- reference to case law or section required
Please help
25 May 2016
It is better if the valuation of the Property on 01.04.1980 can be obtained from a valuer who is registered under income tax act. Then the indexation is possible and calculate the tax.
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