IT return doubt

Hi

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)
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.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details