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Capital gain

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(Querist)
12 October 2013 A acquire land on 1/4/1978 for rs 400000 fmv on 31/3/81 rs 700000 rs 200000 or 700000 cost of improvement on 1/7/1990. amount forfeited againest sale agreement on 31/3/95 rs 1000000 cost of improvement on 31/3/98 rs 500000 on 31/3/13 land sold for rs 9500000 require tax treatment ?
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Ganeshbabu K

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Ganeshbabu K (Expert)
12 October 2013 1)Take FMV as on 31.03.1981-7 lakhs and compute indexed cost of acquisition as on date of sale,,and also caluculate indexed cost of improve ment and caluculate capital gain


Note:-Advance amount forfeited will be reduced from the Cost of acquisition arrived under step 1
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