PURCHASE VALUE
This query is : Resolved
22 May 2025
Mr. A , Property purchase on 1963 at the cost of Rs.14000/- after Mr.A. expired, his son gift this property to his wife by Gift Deed on 19.11.2022. His wife sold this property on 19.7.24 sale of Value of Rs.32 lac. How to Calculate capital gain tax and purchase value?
22 May 2025
It will be long term capital gain based on COA as of 01.04.2001. Get circle rate from Sub registrar office as on 01.04.2001. The capital gain will be taxed in the hand of SON (& not his wife), due to clubbing provision.
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