capital gain on property aquired by will.

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prakash (Querist)
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16 November 2010 Sir/Madam,
My father had bought a piece of land in 1960.He died in 1998 after making a will and as per his will the said piece of land was given to me and my three brothers jointly.Now we all four brothers want to sell the piece of land.I want to know that:- 1)What will be the cost of acquisition,if it will nil or the fair market value of 1981.

taxindiaconnect

taxindiaconnect (Expert)
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16 November 2010 Fair market value as at 1st april 1981 at your choince otherwise the cost at which the property will was purchased originally.

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