How to calculate cost of index for ancestral property?
This query is : Resolved
23 February 2017
Dear Expertise,
One of my client were decided to sale his ancestral property to a party. The property was received by his grand father more than 100 years back as gift from other. Now, he has power for the same property to sell. So, he is planing to sell the same property at market value price. so, my question is how to calculate cost of index for this property?
Kindly do the needful...
Thanks in Advance
One of my client were decided to sale his ancestral property to a party. The property was received by his grand father more than 100 years back as gift from other. Now, he has power for the same property to sell. So, he is planing to sell the same property at market value price. so, my question is how to calculate cost of index for this property?
Kindly do the needful...
Thanks in Advance
24 February 2017
In case of ancestral property is sold, the index cost of acquisition is to be taken the cost of purchase by previous owner. In your case, as the property is old for more than 100 years, in that case, fair market value of property as on 1st April, 1981 is to be taken into account. You need the valuation report of government approved valuer for property value in year 1981. You can take the value arrived by valuer for indexation purpose.
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