land value index

For ancestral property, you can take actual purchase cost or market value as on 1st April, 2001.

When sold in 2017-18, you can deduct 2.72 times that cost as indexed purchase cost and remaining amount is long term capital gain.....

Full Consideration.------------ 60,00,000
(-) Indexed cost of acquisition--
(Market value as on 1981 ×1125/100)
----------
Long term capital gain. __________
less: Exemption U/s 54
In case bought property was a 30,00,000
Residential house property.
(purchased within 2 yrs from
the date sale of ancestral Property.
--------
Total LTCG.

**Since it is an ancestral property and was transfered to your name via inheritance, the cost of acquisition shall be the cost to the previous owner. If the property was purchased prior to 1981, then market value will be for the year 1981. The indexation shall be on 1981 if it was purchased before 1981 or else the year in which it was actually purchased.

From 2001.. The revised rates will be applicable from 1/4/ 2018and from the Assessment Year 2018-19 onwards.

Dhirajalal Rambhia Sir is correct.😃

thank you, the property was inherited by partition deed in 1974 by my mother value shown for her portion was rs 5000. now she is no more. I and my two sisters are legal heirs now we have sold it for 60 lakhs how will the calculation be. also will we get exemption if we buy land alone without house

For any capital gain........ you will have to arrive its fair market value as on 01.04.2001..... from approved valuer........ or from sub-registrar office.

No. exemption u/s. 54 will be available only if you purchase or construct a house property......

Sir we have a fairvalue for each property below which we cannot register. Would that amount do to be taken as price or cost of land

" We have a fairvalue for each property below which we cannot register."

This circle rate gets updated every year, so current value cannot be applied.

It should be as of date 1st April, 2001........... being certified by Government Approved Valuer, or Sub-registrar office.........