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Capital gain on inherited property

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(Querist)
10 August 2023 SIR
MR A. SOLD INHERITED PROPERTY AS ON 30/07/2023 RS. 2 CRO
(RS.15000/- GUIDEN VALUE AS ON JULY 20023). HIS FATHER PURCHAES AS ON 1900. COST VALUE RS.1.00LAKS ( TOTAL 1300 SQFIT). HE PASSED AWAY AS ON 1990. AFTER FAMILY SEETLEMT DOCUMENT AND ADOPTED AS ON AS ON 1995. CAPITAL GAIN WORKING BAIS ON TAKE COST VALUE AS THE YEAR 1900 OR 1995. (TAMIL NADU GOVT. GUIDEN VALUE RS. 2500/- SQFIT)
THANKS YOU
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 August 2023 Consider guide line value as on 1 st April 2001 and apply cost inflation index on it to arrive at the cost for deduction from sale value for the purpose of capital gains.
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