I have received residential property by gift from my uncle (in blood relation) by registered gift deed stamp duty paid at circle rate ( 46 lacs) considering market rate ₹46 lacs . The said property was purchased by uncle in year 1998 cost of accusations wad ₹ 4 lac . Please guide me how to do entry in my books and what will be cost of accusations will be in my books if I sold or gift said property for calculation of capital gains.Thank you
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Ac entry of property received by gift
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Though cost of aquisition under Gift is taken as that of the donor, but you may take it as value of the property as per circle rate on 01.04.2001, or Rs. 4 lakhs as per your wish.
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