capital gain on ancestral property

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Ca Anurag (Querist)
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14 April 2009 An ancestral land of cost around Rs.1 lacs on 01/04/1981 (as per valuation) given to Mr.A (builder) for building an Apartment in 2005, and instead of Land Mr.A has agreed to give me 11 Flats out of total 22 Flats on that apartment, which is handed over to me in 2009. we are 3 brothers. How the Capital gain will be calculated on Land?will the cost of Flats to the Builder will be consideration for CG??plz confirm.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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15 April 2009 In my opinion, stamp duty valuation of 11 flats will be taken as full value of consideration for above purposes.

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