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Sale of ancestral land & ltcg

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2015 A ancestral plot of land owned by father (Now expired) is to be sold by me for approx. 50.00 lac.My mother is alive. How to treat the above in Income tax ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 November 2015 You have to work our the indexed cost and reduce it from the sale value to workout LTCG. Either you can pay 20% capital gain tax or claim exemption on investment/deposit u/s 54F/54EC.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2015 How to arrive at cost of the said ancestral land ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 December 2015 If the land is acquired prior to 01/04/1981 adopt the market value prevailing on 01/04/1981.
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