sagar (not) (50 Points)
06 February 2013i am a government teacher
i have sold my agriculture land which inherited, so i have no valuation report or not have muniniciple probet,
so how to calculate my acquisition cost and purchase date.
agriculture land is far away 30 km from municipal rage or not have ten thousand population
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 06 February 2013
As u mentioned that it is not within 8 KM of any Municipal area, so there will be no tax liability.
Still, if u want to calculate Capital Gain, you should take Fair Market Value of the property as on 1st April, 1981.
sagar
(not)
(50 Points)
Replied 07 February 2013
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