banner_ad

Capital gain tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
19 January 2012 Mr.Seethu Acquired a property in 1956 for 50,000/- and has transfered the same to his younger son Mr.Somu in 1958 by will(Regd) and Mr.Somu got 2(sons), 6(Daughters) and he passed away without any Will in the year 1983 ...Now these 9 people (Wife -2Sons,6Daughters) are selling the property for 160Lakhs.
In this case :-
how to calculate the Indexation for the property i mean which year price has to be considered ?? as IncomeTax came in 1961
Which price is to be taken to inddex ??

Here i am confused Going with Sec 48 Please some one Clarify
Profile Image

Prakash Kochar

Profile Image

Prakash Kochar (Expert)
21 January 2012 They have option to substituting the fair market value as on 01-04-1981 as acquuision cost. As the previous owner acquired the assets prior to 01-04-1981 i.e.in 1956.
Ref. Provisio 2 of sect. 48
Sect. 49(iii) with expl. to sect.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details