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IT return doubt

191 views 1 replies

Vandana

Student

70 Points Posted on 30 September 2020

Can anyone advise on how to calculate capital gains on an ancestral property in the below notice. It was acquired years back. The property is in the name of 5 members however notice in one person.

Dear KANJIRANGADAN PADMINI - Income Tax Department has received information about Sale of immovable property of 3362500 relating to XXXXX8319X in FY 2018-19. However, as per records available, ITR for AY 2019-20 has not been filed. Please file your ITR by 30.9.2020. You can view transaction details and submit online response under e-Campaign tab on Compliance Portal (https://compliance.insight.gov.in) - ITD

Replies (1)

Jayendra

student

216 Points Posted on 30 September 2020

I assume that by acquiring property you mean transferring from ancestors to your name.

In that case you can compute index cost of property by taking original cost to ancestors and deduct such amount from sale value.

I need further details for exact calculation.