Calculate capital gain

ismail (Accountant) (27 Points)

14 November 2015  

Hi,

Need your expert Opinon on my below doubt.

My father has purchased a laneded property for IR 18,000 in 1975. Since 1980 this landed property was under acquisition by local authrities for school playground. Secondly this landed property has no own access (way of right).  our family has decided to sold this agricultural landed in 2013 to overcome the financial problem below the market price. We sold this property for 40 Lakhs but the maket value of that property was about 85 Lakhs. Because of three major problems we did not get the correct customer who can buy this property at market value.

The income from this sales deed was distributed among 4 members of our family. This distribution we made as per our mitual understanding. The distribuiton was;

Mrs. A - 7.5 Lakhs, Mr. IR 10 Lakhs, Mrs SR 20 Lakhs and Mr. WR 2.5 Lakhs. Mr. IR and Mr WR has bought new residencial flats.

Can some one guide me how we can submit the tax return. Can someone help me the correct way to calculate the capital gain.

Thanks

Ismail