15 September 2012
Mr.A sold a plot which he got from ancestor i.e.his father for Rs.70,00,000/- the cost of acquisition is NIL.... So please advise me at what rate and under which provision will the LTCG be taxed???? please help me asap....
15 September 2012
You have the option of COST to PREVIOUS OWNER or cost as on 1/4/1981 as the cost of acquisition. Get the valuation done by the Govt Approved Valuer.... He/she gives the report on the value as on a specific date... even past date. The report is dated today, the valuation is of past date.
CAclubindia
