If a property was acquired in 1950 and was sold in f.y 2015-16 by its legal heir. Legal heirs don't know about cost of acquisitions. can it's fmv be calculated backwards as per stamp value mentioned in the deed or any other way? pl guide
as per sec 49(1) if any property is t/f (sold) nd the person selling the property acquire it by way of will or inheretance the cost of acquisition will be of the previous owner but here property is acquire in 1950 by previous owner hence fmv of property on the date 1.4.2001 shall be taken as cost of sich property subject to indexation. fmv of the propety data on 1.4.2001 should be taken from registered valuer .
the rule is coa*indexation of 2016/indexation of 2001 hence base me 2001 ka indexation liya jayega however indeaxtion of 1980 is not relevent now...but aap base me 1980 ka le ya 2001 ka dono ka indexaion 100 hi h...so crux is 2001 ki fmv nd base me indexation 2001 ka ie 100 will be taken