LTCG for property sale

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When filing for Long Term Capital Gains (LTCG) on a property sale from AY 2022-23, you'll need the 'Date of Purchase/Acquisition'. For inherited properties where the exact date is unclear, using a date from the 1960s or earlier is acceptable, especially if a valuation as of April 1st, 2001, has been obtained. Regarding sale expenditures, brokerage commission is a common allowable cost. If a property was built in stages, use the earliest construction date for LTCG purposes, while 2001 valuation figures are relevant for calculation.

Proloy Samaradivakera

Proloy Samaradivakera (Querist)
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25 June 2022 1) From AY 2022-23, when filing LTCG for property sale we need to put the ‘Date of Purchase/ Acquisition’. In case of sale of inherited property where the date of purchase is usually not clear *which could be in 1960s or before, what do we fill for the ‘Date of Purchase/ Acquisition’’ ?
Valuation of the property as of 01Apr-2001 has been done by a registered valuer.
2) While calculating LTCG for property sale, what are the types of expenditure that can be put under the heading ‘Expenditure for this transfer/sale’ ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 June 2022 Refer the property documents date of purchase will be there. If not available put your date in 1960.
No registered valuer required. Contact the registration office or document writer he will tell the market value from the registered documents.
Brokerage commission can be shown as expenditure.

Proloy Samaradivakera

Proloy Samaradivakera (Querist)
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27 June 2022 OK. Now on checking the Ground plus 1st Floor was built in 1959 and then after taking permission from Municipal Corp, 2nd Floor and 3rd Floor was constructed in 1990. The flats sold are 1st floor and 3rd Floor together to the same party. Which year's date to be considered for LTCG filing?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 June 2022 Consider 1959 date for filing.