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Inherited property - LTCG
Father inherited 3000 sq. Yard. Plot in 1947. Built house in 1971.Died in 2003.mother inherited, but died in 2014. NOW the inherited {4 patners} want to sell. Will LTCG. BE applicable? Present price may be over 1 crore.
Replies (4)
Yes.
First get the valuation of the property arrived as on 01.04.2001 from registered valuer.
Based on that and present agreement value LTCG can be derived.
Yes, this will attract LTCG
Fair value on the date of 1/4/2001 taken as cost of this property
Bayana has been received in this finnancial year, but registered deal will take place next financial year. Now how to account the money received now while filling tax return for AY+2019-20 ?because LTCG WILL happen in in next finnancial year. Please guide on thos issue.
| Originally posted by : Dhirajlal Rambhia | ||
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Yes. First get the valuation of the property arrived as on 01.04.2001 from registered valuer. Based on that and present agreement value LTCG can be derived. |
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GOOD SIR
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