Saurabh Toshniwal (ca final) (2363 Points)
07 September 2010suppose a land & building was purchased in year 1968 for rs.65000 and this land & building is sold during the current year for rs.3000000.
now my qustion is that we can take cost of acquisition rs. 65000 or fmv as on 1apr.1981 but from where we will get the fmv of said land & building
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 07 September 2010
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 07 September 2010
is there any other way or method for calculation
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 07 September 2010
No, i dont think there is any method of calculation. However, registrars may help you to know the value of ur property
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 07 September 2010
u need to go to advocate and confirm the circle rate for the year 1981, there is another method is u can take the fmv of rs. 65000 as on 01.04.1981 but its not beneficial to u. if u wants to save the tax then considered the fmv value as on 01.04.1981.
futher if u investment all capital gain in the new residential property then u can considered fmv rs. 65000 as on 01.04.1981
CAclubindia
