A person sold a property (Land) to another person of Rs. 16 lac in F.Y. 2021-22. The property he had got from his grandfather as a heritage property in F.Y. 2016-17. The property actual purchase price was not mentioned anywhere due to it was very old property. Now my question is how he calculate his capital gain? Please resolve the problem
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 21 July 2022
Get value of the land as on 01.04.2001 from Sub-registrar office of the area, that will be its cost as on the date. Index it to 2021-22 for actual deduction from sell price.
ABHIJIT MANNA
(ACCOUNTANT)
(447 Points)
Replied 22 July 2022
ok sir, then indexation will be for the year 2021-22 and 2001-02
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 22 July 2022
Yes. from 100 to 317 .....
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