Capital gains on old land received in heritage

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Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2013 Dear Expert,

Please find the facts below.

I sold inherited land purchased in 1967 for Rs. 15000. Now the land is sold for Rs. 25,00,000/-

My age is 72 years.

I am not having 1981 cost for the land to calculate indexation cost of land.

Could you please suggest how should I determine the cost of land as on 1981?

What will be the Tax liability in case the same is distributed by me to the sons?

Thanks

VISHRUT

VISHRUT (Expert)

29 April 2013 You can get idea of reasonable value of land by any land valuer through their on valuation mechanism.

on the basis of the same you can calculate capital gain payable on the same.

In order to pass on the same the benefit received the ideal way is to provide them by way of gift through executing gift deed in their name.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 But the liability of the original owner to pay tax on capital gain will remain the same even if the same is passed on by way of gift deed.

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