Respected Members,
X sold in June 2011, the Property which he got by succession to his Sister, her Husband and Husband Brother. The property acquired by X's Grand father on 1965, the amount of the same is not known. The grandpa died in 1993. In 1993 X get his share in the property by way of Will. The property actually transfer on X Name in 2001. The Property Sold to21 lacs, Govt Valuation50 lacs, Fair Market Value85 Lacs. The X's has also done Memorandum of Understanding with his Sister that the property sold is her share in the property and has no claim in property in the near future.
Plz guide me the following issues. 1. How to compute capital gains? 2. Whether the MOU made will have any implication while calculating the capital gain? 3. From where the benefit of indexation available?
CAclubindia
