Long term capital gain on plot sold

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Bhavesh Darji (Querist)
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15 September 2012 Mr.A sold a plot which he got from ancestor i.e.his father for Rs.70,00,000/- the cost of acquisition is NIL.... So please advise me at what rate and under which provision will the LTCG be taxed???? please help me asap....

Amol S Joglekar

Amol S Joglekar (Expert)
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15 September 2012 You have the option of COST to PREVIOUS OWNER or cost as on 1/4/1981 as the cost of acquisition. Get the valuation done by the Govt Approved Valuer.... He/she gives the report on the value as on a specific date... even past date. The report is dated today, the valuation is of past date.

Bhavesh Darji

Bhavesh Darji (Querist)
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15 September 2012 sir i want the section and the rate at which it will be taxed??? 10% or 20%???

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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15 September 2012 It will be taxed @20%

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