Capital gain on sale of ancestors property
Prateek Bansal (Article) (41 Points)
27 July 2014Prateek Bansal (Article) (41 Points)
27 July 2014
Prateek Bansal
(Article)
(41 Points)
Replied 27 July 2014
sahil
(nil)
(48 Points)
Replied 27 July 2014
You need a Govt Regd. Valuer to find cost of aquisition for year 1981..Let it be 'xyz'
Indexed cost of aquisition is xyz multiplied by 9.39
long term capital gain = sell amount -indexed cost of aquisition
Tax @ 20 % on LTCG
Prateek Bansal
(Article)
(41 Points)
Replied 27 July 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 July 2014
In case your file is opened by the IT dept and demanded an explanation about the basis of cost of acquisition, then you may show the certificate of a registered valuer.
sahil
(nil)
(48 Points)
Replied 27 July 2014
there is no method of self calculating cost of aquisition of land for yeay 1981.
surrounding land, near by areas sold in that year needs to be found out , then find rate at which that land was sold from govt talati/corporation. make average of that. & there are about 25-30 questions(criteria) that Govt.Regd Valuer asks before making valuation,he visits land & surrounding area. Based on criteria, Average rate,& location of land, Govt Regd Valuer makes cost of aquisition of land for that year.
common man cannot make cost of aquisition & even he makes value is not reliable because he is unqualified & unregistered to do so...
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India