Fair market value of inherited property on 01-4-1981
This query is : Resolved
04 September 2016
Respected sir,
I had received a house in inheritance from my father in 1970 , now i sold it in Rs. 22 lakhs, In this case long term capital gain tax arise on me. In this matter i knows that actual cost of previous owner or FMV on 01-4-1981 should be taken as cost of acquisition and than get indexation benefit , but in this case house was also received in inheritance by my father their is no Previous owner cost , so only option to take FMV on 01-4-1981, but
how to calculate the FMV of 01-4-1981 for the calculation of LTCG tax ?
Please suggest .
I had received a house in inheritance from my father in 1970 , now i sold it in Rs. 22 lakhs, In this case long term capital gain tax arise on me. In this matter i knows that actual cost of previous owner or FMV on 01-4-1981 should be taken as cost of acquisition and than get indexation benefit , but in this case house was also received in inheritance by my father their is no Previous owner cost , so only option to take FMV on 01-4-1981, but
how to calculate the FMV of 01-4-1981 for the calculation of LTCG tax ?
Please suggest .
05 September 2016
FMV is the market value of the property as per the government records. Typically, you may consider the valaution adopted for stamp duty purposes in 1981 and compute the FMV.
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