Long term capital gain

Hello Mr. Zakir,

Calculate the capital Gains in the normal manner as prescribed and then divide it in the ratio of the ownership.

Other Views solicited

Thanks & Regards

Ravi

Originally posted by : Ravi Dasija
	Hello Mr. Zakir, Calculate the capital Gains in the normal manner as prescribed and then divide it in the ratio of the ownership. Other Views solicited Thanks & Regards Ravi

Subject to my Knowledge Ravi is Correct.

Tax On Sale Of Ancestral property (Income Tax) hiiiiii, see that link u will get clarity.

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how can i consider his cost of acquisition

Click on the link given below:-

Tax On Sale Of Ancestral property (Income Tax)

1st sending link not work properly, its work out.

thnx siri i got it but i didnt understand why its cost of acquisition ( valuation of 1.4.1981 )multiply by 7.11

To get get indexation benefite you are suppose to multiply Cost of acquisition or fair value as on 01.4.1981 with current index .

The logic behind this is ... it will not be fair to charge tax on difference of  Current selling price less orignal cost of acquisition. therefore to bring Cost of acquision or fair value to the level of current year's price  indexation benefite is given .

Indexation is not 7.11  it would be 711 ( subject to confirmation)

Regards

madhusudan

I agree with Mr. Madhusudan.......

if you are not ready to obtain cost of acquisition then it would be zero , and whole the proceeds ( sale price) would be taxed without any benefit, so better u have to obtain cost price with help of a certified valuer or municipal corporation on specified date.