how we calculate LTCG on sale of ancestral property. If cost of acquisition is not known.
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 29 April 2017
Get valuation certificate from Registered valuer as of 1st April, 2001.
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 29 April 2017
If the property was acquired on or before 1981, then market value as on 1981 shall be considered. However, if the property was purchased after 1981 then market value of the year of purchase shall be taken.
For calculation of LTCG, indexation of property for the year 1981 shall be taken if acquired on or before 1981, otherwise of the year of purchase.
Farhaad Jiwani
(Tax Consultant at Nagpur)
(303 Points)
Replied 29 April 2017
Durgaji, Rambhia ji is correct new Finance act 2017 is applicable wef 01.04.17
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