Go AD-Free with CAclubindia PRO for Rs 167/Month Only. Subscribe Now!

Capital gain

102 views 2 replies

shalini

528 Points Joined March 2013

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.

Replies (2)

CA Sunil Kumar

Chartered Accountant

4524 Points Joined July 2014

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