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how to calculate tax?

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(Querist)
27 June 2011 dear ones,

pls help with my query. my mom has received a house from my grandpa by will after his death in the year 2009. we sold it for 400000 in 2011
what is the tax liability and what expense can i show in this?
grandpa purchased it in 1976 for rs.11000/- (eleven thousand.)
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
27 June 2011 in this case FMV on 1-4-1981 will be the cost of acquisition
get the same determined by a regd valuer
the same will be indexed and deducted from the sale value
exp if any incurred in transfer of prop can be deducted
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