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Capital Gain

CA Dnyaneshwar Gopale (CHARTERED ACCOUNTANT) (501 Points)

27 September 2016

Land by heritancr by son there is no cost of acquisition by father is also giving land by heritance
can 1.4.1981 Market value consider for cost of acquisition

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V.Sai Charan (Chartered accountant) (236 Points)
Replied 27 September 2016

yes. you can

CA Raj Doshi (Practising CA) (8723 Points)
Replied 27 September 2016

The cost shall be the cost to the previous owner who has actually acquired the land upon payment of consideration before 1.4.1981 or the Fair market value of the land as on 1.4.1981 whichever is higher.

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Navitesh wadhwani (-) (29 Points)
Replied 27 September 2016

the cost of acquisition shall be the cost at which the original owner who has actually acquired the property.

If the property has been acquired by the original owner prior to 1 April 1981, you have the option of taking the actual cost of acquisition or fair market value as on 1 April 1981.

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