Hi,
A house property was self accquired by my elder brother.
Land Purchased on:20.02.1979
Ground Floor Constructed on: 16.06.1982
First Floor Constructed on:12.10.1998(along with renovation on ground floor)
On the demise of my elder brother, my bhabhi and her 3 sons inherited the property.(now 4 owners of the said property)
These 4 owners jointly gifted the said property by a registered gift deed without consideration to me and my wife.
The stamp duty was paid on the gift deed as per the circle rate valuation of Rs. 17 lacs.
What would be our capital gain if the property is sold for 1 cr.?
What would be our cost of acquisition? The cost of purchase of house by my brother in 20.02.1979 was around 1 lac.
There is another option proposed by the buyer of the property.
He is willing to pay 75 lacs+ give us a flat valued at Rs.25 lacs.
How is the tax treatment of the flat given in exchange worked out?
I intend to purchase a house in my sons name from the sale proceeds.
Thanks in Advance.
CAclubindia
