Hi Friends,
i have a doubt regarding cost of acquistion in the hands of the assesse
Mother Transferred land as gift to daughter under a gift deed as on 01/05/1999 value mentioned in the gift deed was Rs. 195000/- and later on on 26/05/2012 the daughter(Assesse) sold it for Rs. 39,00,000/-
mother had purchased the same in the year of 1979 and the value is not known as there are no documents regarding the purchase.
The assesse never filed return of income ever before. And Assesse gifted the sale consideration to his younger son.
The assesse is already have two house properties in her name.
The younger son with his brother purchased another house.
my doubts are
what is cost of acquistion
what is the capital gain
what are the exemption which the Assesse can claim.
any other tax planning Route.
Thanks in Advance
Manohar
nachiketha @ mail.com
CAclubindia
