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Capital Gain - Urgent

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(Querist)
08 November 2010 One of my client is having joint ancestral land, it was given for development of flats, he got 2 flats as his share, if he wants to sell this flats how will the capital gain calculated? urgent

Thanks in advance sir
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taxindiaconnect

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taxindiaconnect (Expert)
08 November 2010 There will be capital gain on sale value of the two flats minus the cost of the acquisition by the ancestors or the value of the assets as at 01.04.1981.
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