Capital gain on sale of share of ancestral property 70 year old
This query is : Resolved
02 August 2022
What will be the capital gain and how to invest on 2/9 th share of inherited ancestral property after fathers death in 2017 by myself, brother and my mother as legal heir where myself and my brother falls under 30 % income tax bracket and mother is dependent with pan and will have a sell value of 30 lakh. The property is close to 70 year old. How to know the cost of accustion for such a old property.
02 August 2022
1. Get circle rate of the property as on 2001, from Sub Registrar office. Take it as cost of acquisition.
2. Index it to 2022 for index cost of acquisition. Reduce it from the sell value, to arrive at LTCG.
3. The capital gain can be invested in Capital gain bonds, or any house property to get exemption under sec, 54EC or sec. 54 of IT act.
2. Index it to 2022 for index cost of acquisition. Reduce it from the sell value, to arrive at LTCG.
3. The capital gain can be invested in Capital gain bonds, or any house property to get exemption under sec, 54EC or sec. 54 of IT act.
02 August 2022
Thank you sir for your prompt reply deeply appreciate that ! .
Just a quick clarification. Since myself , my brother and my mother are share holder. Can we divide the selling price equally and invest or any one can invest the whole amount. If we divide the money equally how the capital gain amont is shared which we need to invest.
Just a quick clarification. Since myself , my brother and my mother are share holder. Can we divide the selling price equally and invest or any one can invest the whole amount. If we divide the money equally how the capital gain amont is shared which we need to invest.
Message likes :
1 times
02 August 2022
If you divide equally, mostly suggested, then 33.33% of the CG tax liability arises on each. Each can invest said 33.33% of gain amount individually to get exemption.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
