Ltcg

This query is : Resolved

chinu (Querist)
Follow

15 June 2014 We sold our ancestral inherited property 4 months back. The share was divided amongst three of us ,my elder brothers in law and me (my husband died 6 years ago).We are put up in different cities and are not in talking terms. The problem is that I will be investing my long term capital gain in capital gain account but what if they don’t do so. Although in the sale agreement pan nos. and names of all three of us are written and it is also mentioned that the amount is divided in three of us with the details of D.D. Nos. given to us at the time of selling.
Neither I have the old sale agreement (When the house was built or bought) nor the new one(when it is sold), so I don’t know how to calculate the LTCG also. Please help me as soon as possible.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

15 June 2014 well to arrive at the cost you need to have the old purchase agreement. the sale consideration can be easily deduced by multiplying your share by 3. but without the cost, capital gains cannot be computed.

if the property was constructed before 1 April 1981, then you get a property valuer to value it as on 1 April 1981 and then index the cost from 1981 to the year of sale to arrive at the total indexed cost and then divide it by 3 to arrive at ur share of the cost.

and the considerati

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now