Property issue.

This query is : Resolved

harsh (Querist)
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15 August 2011 a 1950 property of old lady, introduced the names of her 3 sons in 1993 for the whole, further 2007 all 4 of them divided the property, moreover old lady gives power of attorney to left 2 sons for selling the land, now 2008 a piece of land 2400 sqft is sold which was deserted, acquired by illegal miscreant's any how sold in less value upto rs 12laks divided 6 laks each, now 2011 income tax assess the value at 30 lakhs, what does this mean, shld the 2 sons file there pan card number, whats the capital gain to be submitted by each, as they have not shown that money till yet.
?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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15 August 2011 First of all you get the property valued from a registered valuer as on 1st April, 1981 and thereafter you apply the index cost to calculate the capital gain.

You have made the query so clumsy that it is very difficult to understand.

harsh

harsh (Querist)
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15 August 2011 can acknowledgement of circle-rates in 1993, work out, as land size is 204 sq-mtrs

or still registered valuer would be required for the same