Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Before 1-4-81 mother gifted some urban land to son through will. During FY 11-12 govt.acquired the land and release compensation after deducting TDS 10%.

So calculating Capital Gain , what value to be taken as cost of acquisition. If market rate as on 1-4-81 how it will arrive.

What are the investment schemes for getting exemption for the same

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 1. Obtain sale deeds of similar property sold in the area from the registrar. take the average of those rates.

2. For claiming exemption you can invest in residential house property (Section 54F) or specified bonds (Section 54EC).

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Means to say Market Value as on 1-4-81 will be the const of acquistion...

Thanks for the reply

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Means to say Market Value as on 1-4-81 will be the const of acquistion...

Thanks for the reply

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 Yes the market value on 1.4.81 or the actual cost, whichever is higher, shall be the cost of acquisition for computing capital gains.

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