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Fair value as on 1.4.1981

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2013 I got gift from my mother in current year a Building purchased 30 year ago, dont know its cost.

Now I have sold this building for Rs 5000000

So How to record in Books, what is the Tax Treatment???

How to get FMV as on 1.4.1981????


please suggest!!!!!


thanks in advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 May 2013 F.M.V as on 1/4/1981 can be known through a valuation report to be obtained from an approved valuer. This valuation is acceptable for income tax computations.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2013 what about treatment???
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
01 June 2013 ltcg WILL BE TAXABLE IN YOUR HANDS
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Ganeshbabu K

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Ganeshbabu K (Expert)
01 June 2013 please let me know who is approved valuer,
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 June 2013 Not treatment of Capital Gain...I want to know how to record gifted asset in balance sheet???
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