Long term capital gain on plot sold
This query is : Resolved
Bhavesh Darji
(Querist)
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
(Expert)
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
(Querist)
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
(Expert)
15 September 2012
It will be taxed @20%
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