Dear Friends
One of our client a resident individual who had an ancestral property (land) which was acquired by Government 20 years back without any considiration. But in FY 11 - 12 Government gave back 12% of the acquired land back to our client.this land which was received is sold by our client to a third person in the same FY ie in 11 - 12 for a consideration of Rs 3lacs.
Now how is the period of holding determined (Short / long term).and what will be the cost of acqusition is he required to pay tax on full value of consideration as cost of acquisition is not known.
CAclubindia
