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.
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Calculation of LTCG on sale of property or land.
Replies (4)
Quick Summary
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
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
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 ?
in this case i could take the fair market value of the land, am i right ?
Correct take the fair market value of the land and then take the indexation as required
Thanks a lot for the prompt response...
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