18 January 2016
1.My Clint Got WILL Property from his father and mother 2. Will Made on 2007 year 3. They Both died on 2014 Details 1. Site Purchased on 1972 Year of Rs.1658/- In Bangalore 2. Building Built on 1994. Building Valuation as per Valuation Report. 1994 of Rs. 15,00,000 3. Now sale Consideration of Rs.1.25 Crore
1 My Question is there is no Guidance value on 1980 year. department says. Which Amount have to take for site value sir. 2. This Property will come Under Long Term Capital Gain. Both are died on 2014? 3. Entire Building and Site are sold of Rs.1.25 Crore Please give me Calculate working note for this sir
18 January 2016
If u don't have guidance value assume a nominal value and compute capital gains.. Indexation benefit u will get only from the date the property belonged to the assesse that is in 2007.. Other calculations remain the same
CAclubindia
