Capital gain tax on gifted property, which was inherited by uncle from grand father

Tax queries 113 views 2 replies

I'd like some help calculating capital gains tax. My sister inherited a house from our uncle, who in turn inherited it from our grandfather. The house is quite old (around 100 years) and we don't have a record of its original purchase price. My sister is now selling it for Rs 15,000,000. Can you advise on how to determine the capital gains in this scenario?

Replies (2)
Cost of accquistion fair market value existing on that date.
Approach a valuer for valuation report certifying the fair market value of the property as on 01.04.2001 for capital gain purposes


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