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