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Caital gain

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(Querist)
09 July 2023 I have received property (house) from mother by way of gift deed in 2018. The property was purchased by her in 1971. Later I abolished that house and sold the plot in 2022. What wiil be the cost of acquisition
P.S. if we take f.m.v. as on 2001 should I consider the fmv of only plot or plot and house
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 July 2023 Only plot, as you sold plot.
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rutuja bhusari

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rutuja bhusari (Querist)
09 July 2023 Thank you sir. Sir will it make any difference if I sale the plot with house
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 July 2023 Do you mean after construction of new house?
Yes, it depends at what rate you sell it.
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rutuja bhusari

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rutuja bhusari (Querist)
09 July 2023 Thank you sir I really appreciate your quick response to my query
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 July 2023 You are welcome.
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rutuja bhusari

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rutuja bhusari (Querist)
09 July 2023 Under which section can I claim exemption sec 54 or sec sec 54f
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 July 2023 For sell of plot, exemption u/sec. 54F IT act is applicable.
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