07 July 2019
My father purchased land in 1999-2000 for Rs 1,20,000 with agreement to sale. He constructed a house spending approx. 4-5 lacs (but no bills as a proof). There was an agreement finally in 2017-18, where agreement was done, stamp duty of approx Rs 3,00,000 paid on then current value of 42,00,000 (calculated by govt approved valuer) My father passed away in 2018-19 and my mother inherited the property. She sold the house in 2019-20 for Rs 45,00,000. Probably, my mother is liable for Capital gain tax, but not sure how the indexed cost of acquisition will be calculated considering no proof for the cost incurred for construction at that time is available. Please help.
CAclubindia
