Hello,
A House is written as Settlement deed by my grandfather to 6 of his grandchildren name on Dec, 2003. Hence there is no sale value.
Now, we sold the property on for Aug, 2022 for 30 Lakhs and the sale value was divided among 6 members and each received 5 lakhs. The same is also mentioned in the same deed.
Kindly help me to calculate capital gain and also if I invest in land and not any house can I claim Exemption for the same.
8 Replies
khalid
(soical work)
(222 Points)
Replied 03 October 2022
Pls provide date of purchase and value of property on purchase date by your grandfather.
Sri Ranjini Venkatachalapathy
(CA)
(55 Points)
Replied 03 October 2022
Feb 27,1987 for Rs. 1,35,000/-
khalid
(soical work)
(222 Points)
Replied 03 October 2022
Type of property? residential or agricultural
Sri Ranjini Venkatachalapathy
(CA)
(55 Points)
Replied 03 October 2022
Residential Property and a small correction Property value is Rs.1,86,000/-
khalid
(soical work)
(222 Points)
Replied 03 October 2022
Valuation around 1,710,655 Rs(if no renovation or improvement of property). for find correct value you should find ready reckoner rate 1 April 2001 of property.
rama krishnan
(12239 Points)
Replied 05 October 2022
Try to ascertain the value of property from the concerned SRO or from registered property valuer as on 01/04/2001. that would be the cost of acquisition of the property. by applying index value, calculate the indexed cost of acquisition. the difference between the net sale consideration and the indexed cost of acquisition would be the capital gains earned from the property (if there's no improvement cost). 1/6th of capital gains is your share of capital gains income on which you are required to pay capital gains tax at 20%. in order to claim deduction on capital gains, you are required to invest your share of the capital gains amount in residential property within 2 years in case of purchase or within 3 years in case of construction, from the date of sale of the original property. otherwise invest in specified bonds mentioned in section 54EC for a lock in period of 5 years to claim deduction on capital gains
Sri Ranjini Venkatachalapathy
(CA)
(55 Points)
Replied 05 October 2022
Thank you sir for your clarification..I will try to ascertain the value accordingly..
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