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Capital Gain

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(Querist)
21 July 2011 One of my friend has sold his property received which was transferred to him as an ancestral property, I would like to know whether this attracts capital gain tax or not. if yes, I would also like to know the repairing cost or any renovation cost incurred on the said property can be claimed as deduction while computing the tax based on indexation

Regards

Girish Mani
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CA SANKAR 9585590515

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CA SANKAR 9585590515 (Expert)
21 July 2011 Any capital asset transfered during the previous year wil be taxable as capital gain.

Any cost of improvement after 1.4.81 will be considered for deduction
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