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Capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 September 2011 case law:-
A senior citizen is having a flat.its fair market value is 71 lakhs. but he sold it for 55 lakhs to avoid himself from paying tax. he didn't paid any tax.55 lakhs were deposited in bank. he died. as per will his son received 55 lakhs. is he liable to pay tax on earlier transaction done by his dad? if yes then how much..& If no then why? provide correct solution of a problem..
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ACMA Obulirajan R

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ACMA Obulirajan R (Expert)
29 September 2011 What is the purchase cost of the asset?

whether the asset purchased before 01april,1981?

Capital Gain Calculation would be:-

Sales consideration 10000
Less
(index)Cost of acquisition 15000
Cost of improvement 00000
Other expense 00000
------
Net loss 5000
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 September 2011 case law:-
A senior citizen is having a flat.its fair market value is 71 lakhs. but he sold it for 55 lakhs to avoid himself from paying tax. he didn't paid any tax.55 lakhs were deposited in bank. he died. as per will his son received 55 lakhs. is he liable to pay tax on earlier transaction done by his dad? if yes then how much..& If no then why? provide correct solution of a problem..
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
03 August 2023
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