07 November 2021
If person received ancestral house property (residential flats) from his grandfather, what value to be shown in balance sheet( whether stamp duty value or nominal vaule of Rs 1 etc.). Also cost of previous owner is also unknown. Also plz guide tax treatment at a time of sale of the same
07 November 2021
You can consider guidance value i.e Circle rate of the flat as on 01.04.2001. The same will be considered as COA for capital gain calculation.
07 November 2021
As the cost to the previous owner is unknown, and it is the ancestral property, you can arrive at the cost of acquisition by considering the market value of such area as on 01.04.2001 for the purpose of calculation of capital gains.
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