Respected members,
I would like to know whether capital gain tax is applicable or not in this case. Suppose owner of the home gave it on rent before 25 years.after the death of owner their nominees became the owner. Now tenant is not vacanting the home as under tenancy right. So assesse transfer the property (home) to tenant at a very low price compare to fair value or market value..also cost of property is nt ascertained as it was purchased by forefathers. My question is that whether assesse is liable to capital gain considering the zero cost of purchase and sales/settlement with the tenant at a very low price which is less than fair value or market value..?if yes then the what will be value of consideration? Is it fair market value or actual consideration?
Assist me.. Thanks..
CAclubindia
