01 July 2018
Hii, Can anyone please help to know what amount to be taken as Cost of Acquisition for an inherited property which was bought around 100-120 years ago and which don't have any records of purchase. The Property is sold in April'18. Thanks in advance...
03 July 2018
Get Govt.approved valuer"s certificate for value as on 1/4/2001.Taking this value as base,you wait for cost inflation index for 2018.For example,if,your value of property is Rs.10 lakhs on 1st April,2001 & cost inflation index for 2018 is 290,then amount in excess of 29 lakhs is considered as capital gain.This is shown to explain the capital gain because most probably cost inflation index for 2018 will be declared in 2019.
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