Capital gains on sale of immovable poperty

This query is : Resolved

Bhavana (Querist)
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03 August 2024 A property was purchased in the year 1980. The same was inherited through a will by the grand daughter on the owner passing away in 2021. In this circumstance, what should be the cost of acquisition of the property for calculation of capital gains as per the new budget for FY 2024-25 ? Can the cost to the previous owner be considered as cost of acquisitin OR rate as on 01/04/2001 ? How to calculate and arrive at capital gains and tax on LTCG if the grand daughter sells the property in August-24 ?

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)
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03 August 2024 Cost of land or Fair Market Value as on 01.04.2001 at the option of assessee can be taken as cost of acquisition, but FMV shall not exceed stamp duty value. Also indexation benefit will not be available after the new amended law.