Capital gain

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2012 Dear Expert,

I have a non agriculture land in the village. Details are as follows:-

Date of Acquistion: More than 100 yrs.
Cost of Acquistion: Not Known

Now we are to sell this property and now there are almost 26 co-owners (as the property belongs to our ancistors) all of us have equal share in this propoerty

Kindly guide me for the following :
1) Capital gain calculation when cost of Acqistion is not known.
2) Accounting that is reqired to be done in books of accounts as none of us have shown this propoerty as our assets in our books of accounts.

onkar

onkar (Expert)
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06 March 2012 capital gain arising from the agricultureal land is exempt. no tax required. check Exemption sections.

For accounting purpose divide the sale value into equal share & show it as sale of agricultural land. No implications in IT.

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2012 Dear expert I have already mentioned it is NOT an AGRIGULTURE land. There used to be house which is now demolished.

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