CA Loan Bajaj Finserv
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Calculation of LTCG on sale of property or land.


Analytic Business Consulting   24 February 2021

Analytic Business Consulting

 10 likes  139 points

| My Other Post
Sir,

I would like to know what would be cost of acquisition of a land or property in case it is gifted from my father due to inheritance.

In this case the real purchaser of the land is grand grand father and the purchase value and documents are not available as of now. In such case what i should do to calculate the capital gain from the sales proceeds ? Is there any options such as choosing the muncipal value of that year and calculate such and taking it as the cost of acquisition.

I hope that my question is clear.

Please do kindly make replies one who knows the provisions.
jeet upadhyay

jeet upadhyay   24 February 2021

jeet upadhyay

 2 likes  29 points

View Profile | My Other Post
If it is taken before 1st April 2001
than in that case you should take
original cost of the acquisition or fair market value of the asset as on 1st April 2001 which ever is higher
1 Like
Analytic Business Consulting

Analytic Business Consulting   25 February 2021

Analytic Business Consulting

 10 likes  139 points

View Profile | My Other Post
Thanks for the reply, here acquisition cost is not available since the purchase has been made in a year which is unknown and document has not been with us, only gift deed documents are carrying with us.

in this case i could take the fair market value of the land, am i right ?
jeet upadhyay

jeet upadhyay   25 February 2021

jeet upadhyay

 2 likes  29 points

View Profile | My Other Post
Correct take the fair market value of the land and then take the indexation as required
1 Like
Analytic Business Consulting

Analytic Business Consulting   25 February 2021

Analytic Business Consulting

 10 likes  139 points

View Profile | My Other Post
Thanks a lot for the prompt response...

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Trending Tags