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Fair value as on 1.4.1981

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Querist : Anonymous

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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Querist : Anonymous (Querist)

31 May 2013 what about treatment???

CA Pooja Agarwal

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

Ganeshbabu K

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

Querist : Anonymous

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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