The following is the transaction details:
a) My father purchased land in 1975 for Rs.30000/- in joint names with my mother (i.e wife & husband)with his self earned money.
b)In 1990 he built a house of 3000 sft on the land he purchased in 1975both names( wife and Husband)
c)My father deceased now has left a will which states that the 50% share belonging to my mother stays as it is and the rest of 50% devolves in the name on son and daughter in law (25% each.)
My query is that I know the cost of land (COA)for the registered sale deed but I do not know the cost of construction for the house he constructed in 1990. There is no documentary proof bills for construction and imoprovement costs (COI)thereafter.I only have the property tax receipts. How to compute LTCGT assuming i am selling the property in the assesement year 2008-2009 and how to arrive at COI is there a benchmark given or how do i value the construction cost in 1990 and improvement thereafter.Please guide me and inform which websites or information I can get myself. Or please cite example or case study. Please not my e-mail id: mehulbpatel @ hotmail.com
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