Capital gain

Dear Sir,

I have facing a problems regarding Capital Gain Issue, details given bellows as follows:

i) Property received at 1998 from our forefather, no value considered in this regard.

ii) Such property sell on 17.08.2016 at Rs. 32 lakhs.

iii) But registery is not done till date.

iv) Agreement made in this regard and part payment also received.

My question in this regard as follows:

i) Which assessment year show by us Capital Gain.

ii) How to calculate property value which was received by us from our forefather in 1998.

iii) And how to save our money in this regard, when we have not follows the procedure of Tax Benefits.

iv) Any other or further relief get by us.

In this regard your earlier action would be highly appreciate.

Thanking you,

 

 

Replies (3)

I. Ass. Yr. 2017-18

II. Cost of aquisition of your forefather. If before 1981, you can get fair market value(from registered Valuer) as on 1st April,1981 as COA.

III. Capital gains bonds u/s. 54EC, just one of many

IV. cost indexation till the sale year.

FMV as on 1.04.1981 is available to you as it is forefather and if previous owner cost is available it can be taken at the option of the assesee. And if no agreement is done , transfer took place in the 16-17 previous year so section 2(47) is triggered.cost of improvement will be considered. And it is LTCA and gains are LTCG. 

I thankful to you for the reply paased and guide me on the aforesaid issue.

 

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