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capiatl gain for sale of flat under PAGADI SYSTEM

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(Querist)
17 August 2009 Dear Colleagues,

A person has sold flat which was under pagadi system purchased by his grand father 40 years back.has received rs.20 lacs as considearion.
how to calculate capital gains tax?

regards
c.a.paresh zatakia
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CA KAMLESH INDERCHAND JAIN

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CA KAMLESH INDERCHAND JAIN (Expert)
18 August 2009 the property is covered as ancestral property. so you are required to take cost of acquistion as value (Certified from registered valuer)as at 1/4/1981 as base & claim indexation over that value. 20 Lacs as sales consideration minus indexed cost of acquisition as calculated from above wil be your long term capital gain.
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