Sumiti Jain (FP) (1364 Points)
20 June 2011What will be the cost of land be assumed if land is ancesteral & is received from father, grandfather.... & now the assess doesnot know the Actual cost at which it was purchased by his grand fathers' father....
Assesse has sold the land now, how will the capital gain be calculated?
Maneet Puri
(student)
(71 Points)
Replied 20 June 2011
As per the stated facts , the cost of the land for the purpose of computation of capital gains will be the cost at which it was aquired by the father or grandfather.
How it is possible that cost of land is not available.
You will find the cost of the land in the power of attorney paper which were in the name of father or grandfather.This cost can be taken as cost of aquistion of the land and such cost will be taken as cost for the purpose of computation of capital gains. Please further clarify your facts.... disclose in details .
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 20 June 2011
if it was aquired by father or grandfather before 1.4.1981 then you can take FMV as on 1.4.81 and take it as Cost of Aquisition. Otherwise you will have to find out COA.
Anshul
(.)
(375 Points)
Replied 20 June 2011
AS SAID BY AMANPREET fair market value of the property shall be taken on 1st april 1981. and at the time of sale of such propery capital gain shall be charged accordingly....
SALES CONSIDERATION xxxx
LESS:
1) INDEX COST OF ACQUISITION xxxx
cost of acquisition on 1.4.1981 X index factor for the year
index factor for the base year of transfer
2) transfer expences(if any) xxxx
3) cost of improvment after 1.04.1981 xxxx
___________
LONG TERM CAPITAL GAIN xxxx
__________
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 20 June 2011
| Originally posted by : AMANPREET SINGH | ||
 |
if it was aquired by father or grandfather before 1.4.1981 then you can take FMV as on 1.4.81 and take it as Cost of Aquisition. Otherwise you will have to find out COA. |
 |
AGRRED.
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