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ABOUT LTCG
I RECEIVED A LAND GIFTED BY RELATIVE ON 01.10.2001, VALUATION OF WHICH WAS RS.2500000 , STAMP DUTY RS.148000. NOW THE SAID LAND WAS SOLD ON 25.07.2017 FOR RS.2800000. HOW TO CALCULATE LTCG OF THE SAID LAND?
Replies (5)
What is the cost of acquisition in hand of relative ?
COST OF ACCQUISATION MEANS
At what price your relative had purchased the land
PURCHASE PRICE OF THE LAND IN THE HANDS OF RELATIVE ON 1.04.1984 WAS RS.23000
cost of acquisition=23000×272÷100=62560
sales- cost of acquisition= long term capital gain
sales- cost of acquisition= long term capital gain
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