Capital gains
This query is : Resolved
16 October 2013
one of my client has sold his home for some amt, that home was belongs to this clinets forfather say around of 1968. now how will we determine cost of such home on 1.4.1981?
17 October 2013
If the property is purchased before 1981-82 then the FMV of the Property on 1981-82 will be considered as cost of acquisition and the indexation will be taken from date too {If the property isn't gifted after 1981-82..
Go thru this for all capital gain related query..
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp
Go thru this for all capital gain related query..
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp
17 October 2013
If you became the owner of the property before 1 April 1981, then you have the option choosing between fair market value or the actual cost to the previous owner (your father or your grand father) as the cost of the asset. However, if you became the owner after 1 April 1981, then FMV as on 1 April 1981 shall be considered as the cost of the house.
You may appoint a professional valuer to value the property. Thereon you may claim indexation benefit to arrive at the current cost of the house.
the difference between indexed cost and the sale receipt shall be your long term capital gains which is taxable at 20.60%.
You shall have the option of claiming exemption under Section 54 and 54EC.
You may appoint a professional valuer to value the property. Thereon you may claim indexation benefit to arrive at the current cost of the house.
the difference between indexed cost and the sale receipt shall be your long term capital gains which is taxable at 20.60%.
You shall have the option of claiming exemption under Section 54 and 54EC.
17 October 2013
Agreed with above suggestions.
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- LIC maturity claim whether taxable
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
