Capital gain

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CA
269 Points Posted on 11 July 2018

Hi ,

I have one query. My client purchased a plot in delhi for Rs. 7000/- in april,1977.Then they constructed a house on that plot in 1981 Now they have sold that house in Oct,2017 for Rs. 1 Cr.  Now my question is how to get purchase price of house to calculate capital gain. Do I need to contact a registered valuer to get the price . Please help me.

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On 11 July 2018 at 14:05 Report
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Chartered Accountant
2301 Points Posted on 11 July 2018
Capital gains on assets acquired before 1 April, 2001 will also be calculated using fair market value as on 2001.There are several government approved property valuer’s in most major cities, hire a valuer to ascertain the fair market price of the property and provide you with the documentation of their evaluation
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On 11 July 2018 at 15:13
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"Do the Right Thing...!!!"
77792 Points Posted on 11 July 2018
Yes... I agreed to Mr CA Sunil Kumar.
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On 11 July 2018 at 16:28

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