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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2018 Dear Experts,

Property being land (which was purchased above 100 years ago, purchase cost is unknown) is received in inheritance, which is sold in FY 2017-18 for Rs. 24,50,000/-

What will be the capital gain in this case ?

Thanks in Advance.
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
18 May 2018 You can take the fair value of the land as on 01-04-2001 and index the same
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2018 How to take fair value ? Is valuer's report needed to arrive fair value ?



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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
18 May 2018 You can take the help of a valuer
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2018 Is it compulsory to take valuation report from certified valuer or one can take fair value by his own ?
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
18 May 2018 You can refer the Guidance Value or Neighborhood Rates prevailing around 01-4-2001. Valuation report is not mandatory
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2018 Thank you expert for your inputs.
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
18 May 2018 You are welcome......




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