rupesh (accounts executive) (81 Points)
12 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160685 Points)
Replied 12 October 2016
Tax is to be calculated based on capital gains arised after deducting indexed cost of aquisition & improvement from said sells contribution of 35 lakhs. so more data required.
No exemption available by investment in shop.
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 12 October 2016
Michael L. Steiner, PC
(CPA)
(21 Points)
Replied 12 October 2016
Yes agree with you Mr Dhirajlal. It seems you have deep knowledge about this topic. 
rupesh
(accounts executive)
(81 Points)
Replied 12 October 2016
HIS MOTHER PURCHASED IT IN 1977 FOR RS 5000/- THEN WHAT IS INDEX COST AND VALUE FOR CONSIDERATION AS ACQUISATION
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160685 Points)
Replied 12 October 2016
Take valuation report from Registered Valuer, as on date of 1st April, 1981.
Cost of aquisition can be taken as any of the two, whichever higher, with base as of April, 1981.
CAclubindia
