Capital gain on sale of land

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 .

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.

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

                                                                                                                   __________

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.

Thanx 2 all