Capital Gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2011
Assessee Sold A Property Having 6 Residential Flats and 3 commercial galas.
1.Now my question is that the assessee sold the above property but he did not maintain any cost records then how to compute capital gains
2. Also the assessee purchased a residential flat one year back on loan so can he claim exemption of above property u/s 54
1.Now my question is that the assessee sold the above property but he did not maintain any cost records then how to compute capital gains
2. Also the assessee purchased a residential flat one year back on loan so can he claim exemption of above property u/s 54
18 May 2011
1. he has to obtain fair market value in 1981 through local municipal body or survayor
2. no, fund should be used to buy a property, not to repay the loan of property to avail 54
2. no, fund should be used to buy a property, not to repay the loan of property to avail 54
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