19 December 2013
suppose if mr.a has got his share of cash from sale of ancestral property then what would be the effect of this sale and capital gains in b/s and p/l of mr.a?
19 December 2013
It would be capital gain on LT basis. The property will be valued at cost if agreement available or certificate of approved valuer if it pre 1981. The cost to you will be determined by your share in the property and indexation benefir will be available from the year you are holding the share in the said property
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