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Capital gain on land

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(Querist)
05 August 2011 we have 1 acre land which is received from grand father to father and which is under 8 km from municipal limit and population is more than 10,000 in this year of the villege . Bhadaj near Ahmedabad

are weliable for capital gain tax on that?

details as under:

name on 7/12 exact:-father

type of land :-acestral (grand father)

member in family :-father,mother,1 and 2 brother

sale consideration:- 50 lakhs

consideration devidetion:- equally in all family member

date of sale:-01.03.2011

my query are under:

1.which persons are liable to pay capital gain tax ?

2.what are the option to save tax

3.what is mothers and sisters tax liability ?

5.how to calculate Capital Gain if applicable. [ purchase date of original buyer is not known]

please guide us
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
05 August 2011 U ARE LIABLE TO CG TAX
COST WILL BE THAT OF UR GANDFATHER
IF U CAN PROVE THAT LAND WAS AQUIRED PRIOR TO 1-4-1981 THEN FMV ON THAT DATE WILL BE COST

CA MANOJ GUPTA
JODHPUR
09828510543
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