our clents sold his family house which is held by his family before so many years he sold this house in 2009-10 f.y in700000/- half share is his brother in this house how cann i calculate his capital gain plz expert guide me
zakir saiyad (proprietor) (39 Points)
28 March 2011our clents sold his family house which is held by his family before so many years he sold this house in 2009-10 f.y in700000/- half share is his brother in this house how cann i calculate his capital gain plz expert guide me
Ravi Dasija
(C.A. )
(273 Points)
Replied 28 March 2011
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
Sravanthi
(CA Final ICWA Final & M.B.A)
(737 Points)
Replied 28 March 2011
| 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.
siri
(CFO)
(174 Points)
Replied 28 March 2011
zakir saiyad
(proprietor)
(39 Points)
Replied 28 March 2011
how can i consider his cost of acquisition
siri
(CFO)
(174 Points)
Replied 28 March 2011
Click on the link given below:-
Tax On Sale Of Ancestral property (Income Tax)
1st sending link not work properly, its work out.
zakir saiyad
(proprietor)
(39 Points)
Replied 28 March 2011
thnx siri i got it but i didnt understand why its cost of acquisition ( valuation of 1.4.1981 )multiply by 7.11
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 28 March 2011
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
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 28 March 2011
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.
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