A family of 6 (3+3) has sold an ancestral house aged more than 80 years old for 6 lakhs and shared the proceeds equally among them. No further details or documents about the house are available with the family members. Under the above circumstances how to calculate capital gain in the above case.
Take valuation report from redg. valuer from incometax dept. as on 1/4/2001 apply indexation to that value apply cost incurred for transfer apply additions of improvement before indexation divide amount equally distributed that will be capital gain of each apply deductions in investment if any tax will be 20 percent on capital gain if any after specified investment
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