One of my client sold inherited plot its acquisition value not available how to calculate capital gain
Regards
inherited plot sale how to capital gain
Replies (4)
The person who purchased the property before inheritance ,cost which is incurred by that person will be considered as cost of acquisition for computing capital gain of the person who sold the property
The long term capital gain will be taxed at the rate of 20 % . find the difference between what you paid for your property and how much you sold it for—adjusting for commissions or fees. Depending on your income level, your capital gain will be taxed federally at either 0%, 15% or 20%.
he don't know the aquisition value of property
if that person does not know the acquisition value then consider fair market value
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
