Sale of property & calculation of capital gain

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Sumiti Jain (Querist)
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27 January 2011 A Person has sold his property for Rs. 5 crore which he gets as follow:

some part of property from his mother undre gift &

remaining part of the property is his share obtained by dividing the property in four parts by all the four brothers under mutual consent.

1) Is the partition by mutual consent is valid in our constitution?

2) What will be the cost of property for calcuklating the Capital Gain?

3) What is the treatment of the property which is received as Gift from his mother ?

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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06 February 2011 Hi,
Can u be a bit more specific about the division of Property in terms of %ages each person is eligible for....????

i will be in a better position to answer the same.

Thank you,
CA. Lohith. J
B.Com,ACA,CS,(ICWA),ITF Hons,SAPM Hons