Capital gain on sale of inherited property

This query is : Resolved

Priyanka (Querist)
Follow

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...

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
Follow

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.

Priyanka

Priyanka (Querist)
Follow

03 July 2018 Cost inflation index for the year 2018-19 is 280 has been issued.
Thanks by the way... it is really helpful

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

svgovindaraju

Sasidhar B

CA Garima Bhatia

eddanapudi murali

Rakesh Maner

Subscribe Now

Capital gain on sale of inherited property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA