Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2014 my grandfather's property is sold by my father in 2014 Feb. which cost is 10000000Rs. we don't the of acquisition cost of my grandfather. The possession of property by my father is in 1984.so how is capital gain tax calculation? I think this property also inherent for my grandfather. If I invest in capital gain bond to save the tax.pl

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 February 2014 in such a case you can adopt FMV as on 1 April 1981 as the cost and then index it. yes you can claim exemption under section 54ec. the amount limit under 54ec is Rs 50 lakhs per annum.

alternatively you can also invest in buying another house property under section 54.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 Please note that investment u/s 54EC and sec 54 contains time limit if investment is not made in this time then no deduction is permitted.

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