INHERITED PROPERTY SOLD AND CAPITAL GAIN TO THAT EFFECT

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This discussion addresses how to calculate capital gains tax on an inherited property sold for Rs. 1 Cr in December 2022. The property was originally purchased in 1964 and is being sold by six brothers. The calculation needs to account for the Cost Inflation Index (CII) for FY 2001-02 (100) and FY 2022-23 (331) to determine the capital gain or loss for the current Assessment Year 2023-24.

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)

07 June 2023 An inherited property (which was purchased in 1964) was sold by 6 brothers/persons on 20.12.2022 worth Rs. 1 Cr. One of them received Rs. 2000000/- by a/c payee cheque as full and final settlement. How to work out Capital gain or loss for the current A.Y. 2023-24 for IT return. (Know CII for F.Y. 2001-02 = 100 and CII for the F.Y.2022-23 is 331). Kindly let me know your valuable direction for the matter cited above. Regards, Tarak Kumar Roy, West Bengal.

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)

07 June 2023 Kindly let me know your valuable direction for the matter cited above. Regards, Tarak Kumar Roy, West Bengal.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

07 June 2023 Get the circle rate of the property from the Sub-registrar office of the region. Share the value equally to each inheritant. That will be cost of acquisition for each individual as on FY 2001-02.

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