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Cost of acquisition ,capital gains

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Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2013 ASSESSEE SOLD A VERY VERY OLD ANCESTRAL HOUSE IN 51 LAC.HE INHERITED FROM HIS FATHER IN 2009,HIS FATHER INHERITED FROM ASSESSEE'S GRANDFATHER IN 1999.ASSESSEE'S GRANDFATHER INHERITED FROM HIS FATHER IN 1965.ASSESSEE'S GREATGRANDFATHER INHERITED FROM HIS FATHER IN 1925.NOW THE NAME OF THE ASSESSEE'S GREATGRANFATHER'S FATHER IS ENTERED IN THE CADESTRAL SURVEY KHATIAN OF THE GOVT..NOBOBY CAN TELL WHEN,HOW,AND FOR HOW MUCH THIS PROPERTY WAS ACQUIRED.
WHAT WILL BE THE COST OF ACQUISITION FOR THE ASSESSEE?
KINDLY REPLY SOON.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 February 2013 You have to get Valuation Report from an approved valuer about the value of property as on 01.04.1981. The valuer will decide the cost of acquisition i.e. the value as on 01.04.1981. Suppose the valuation report shows Rs 10.00 Lac as the value as on 01.04.81 then 1000000x8.52= 85,20,000 will be taken as its Cost.
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