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LTCG CALCULATION FOR PROPERTY

23 October 2022

My Great Grandfather has written will to my Grandfather to received property.

My grandfather has 2 son and 2 doughter.

my Father one of them, since my grandfather and father no more. so my uncle & aunt spilit the property and I recieved my father portion to my name. Now i am going to sell this. I want to know what is the acquisition cost for this ( is it Zero)?

2014 divided portion i received it in my name.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177990 Points)
Replied 23 October 2022

Take circle rate of the property from Sub-registrar office, as on 01.04.2001, as Cost of Acquisition.

Index it to the year of sale that will be indexed cost of the whole property.

Divide it with your share to get your cost.

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rama krishnan (12239 Points)
Replied 23 October 2022

In respect of inherited property, the cost of the property has to be taken as cost to the previous owner. if the previous owner has also received by way of inheritance, again cost to previous owner. if the year of purchase by your great grandfather is before 01/04/2001, then take stamp duty value adopted by SRO as on 01/04/2001. if the purchase by your ggf is after 01/04/2001, take purchase consideration as cost of acquisition. you can also avail INDEXATION on improvements, if any, to compute the capital gains tax

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